Slay pitches giving NFL team two-thirds of tax revenues
PostPosted:9 years 8 months ago
http://www.stltoday.com/news/local/govt ... 21c4e.html
Slay pitches giving NFL team two-thirds of tax revenues
David Hunn
ST. LOUIS • The office of Mayor Francis Slay has committed to giving about two-thirds of the city taxes generated by a new riverfront football stadium to the team that plays there, according to legislation sent to the city’s Board of Aldermen on Wednesday.
But it is also hoping Aldermen will agree to hold on to a chunk — team income taxes and a portion of stadium sales taxes — which it estimates will bring the city a few million dollars a year to refill coffers.
Mayoral deputies and Gov. Jay Nixon’s task force spent hours on Tuesday rewriting key financial provisions of the bill before sending it to the aldermen, with hopes that they're generous enough to keep a National Football League team in St. Louis.
The group downgraded projected city game-day tax revenues by millions of dollars a year, committing instead to much more conservative estimates.
It revamped bond debt payment schedules, reducing city payments in early years and increasing them in later years to better match expected tax revenues.
And, perhaps most importantly, Slay staffers negotiated keeping about 36 percent of the game-day tax revenues.
Year-by-year, city revenues will not cover expenses, mayoral staffers acknowledged. But, with a big dollar uptick during the first three years from construction of the stadium itself, the deal will roughly break even, they said.
Slay’s chief of staff, Mary Ellen Ponder, called the package fair for city taxpayers and for an NFL team.
“We have worked very hard with the task force to develop a plan that is fair and reasonable,” she said. “We are proud to support (the bill) and look forward to working with the Board of Aldermen to earn its approval in the weeks ahead.”
The bill and accompanying financing package will be introduced at the Board of Aldermen’s regular meeting this Friday.
Ponder and Dave Peacock, co-chairman of the stadium task force, have been working for weeks to find enough funding to cover the city’s share of the $1 billion stadium construction cost — about $145 million — without hurting the city’s budget or credit rating.
Aldermen, meanwhile, have waited impatiently for financing details. And city officials, such as Comptroller Darlene Green, have blasted the still-forming plan by public statement.
Finally, last Friday, a draft bill leaked out.
This story is breaking. Check back for updates.
Slay pitches giving NFL team two-thirds of tax revenues
David Hunn
ST. LOUIS • The office of Mayor Francis Slay has committed to giving about two-thirds of the city taxes generated by a new riverfront football stadium to the team that plays there, according to legislation sent to the city’s Board of Aldermen on Wednesday.
But it is also hoping Aldermen will agree to hold on to a chunk — team income taxes and a portion of stadium sales taxes — which it estimates will bring the city a few million dollars a year to refill coffers.
Mayoral deputies and Gov. Jay Nixon’s task force spent hours on Tuesday rewriting key financial provisions of the bill before sending it to the aldermen, with hopes that they're generous enough to keep a National Football League team in St. Louis.
The group downgraded projected city game-day tax revenues by millions of dollars a year, committing instead to much more conservative estimates.
It revamped bond debt payment schedules, reducing city payments in early years and increasing them in later years to better match expected tax revenues.
And, perhaps most importantly, Slay staffers negotiated keeping about 36 percent of the game-day tax revenues.
Year-by-year, city revenues will not cover expenses, mayoral staffers acknowledged. But, with a big dollar uptick during the first three years from construction of the stadium itself, the deal will roughly break even, they said.
Slay’s chief of staff, Mary Ellen Ponder, called the package fair for city taxpayers and for an NFL team.
“We have worked very hard with the task force to develop a plan that is fair and reasonable,” she said. “We are proud to support (the bill) and look forward to working with the Board of Aldermen to earn its approval in the weeks ahead.”
The bill and accompanying financing package will be introduced at the Board of Aldermen’s regular meeting this Friday.
Ponder and Dave Peacock, co-chairman of the stadium task force, have been working for weeks to find enough funding to cover the city’s share of the $1 billion stadium construction cost — about $145 million — without hurting the city’s budget or credit rating.
Aldermen, meanwhile, have waited impatiently for financing details. And city officials, such as Comptroller Darlene Green, have blasted the still-forming plan by public statement.
Finally, last Friday, a draft bill leaked out.
This story is breaking. Check back for updates.