[Elvis]

http://www.bizjournals.com/stlouis/news ... ml?ana=twt

Stadium financing hearings to start next week

Jacob Kim

A stadium financing bill will go before the St. Louis Board of Aldermen’s Ways and Means committee next week.

Alderman Steve Conway, who chairs the committee, said there will be a “series of meetings, as many as necessary to vet all the numbers.”

One of the meetings will occur during the evening so that the public may testify.

Conway will announce a detailed committee schedule Friday during the Board of Aldermen’s regular meeting.

The Ways and Means Committee includes Alderman Antonio French, who has threatened to filibuster funding, and Alderman Scott Ogilvie, who has expressed his own reservations about the project. The committee, which has eight members, must recommend the bill before it can be sent to the full Board of Aldermen. Aldermen’s approval of the city’s financing package is a crucial piece of the $1 billion Mississippi riverfront stadium project, organized by the St. Louis Regional Convention and Sports Complex Authority (RSA) and Gov. Jay Nixon’s task force, led by Dave Peacock and Bob Blitz.

Under the financing plan, first introduced last week, the city would contribute more than $233 million in bond payments, including interest.

Further, the National Football League would receive about two-thirds of game-day tax revenue associated with the proposed stadium project.

The city is projecting that the NFL’s portion of game-day taxes will nearly cover about $80 million the league would put toward construction. Under Mayor Francis Slay’s proposal, the league would cover those costs if game-day tax projections aren’t met. The city would keep about 36 percent of game-day tax revenue.

The state of Missouri would kick in $415 million in bond payments, including interest, plus some $93 million in tax credits.

Any overruns in stadium construction would be paid for by the RSA, which is funded by the city, St. Louis County and state.

All public financing is contingent on a $450 million investment from the NFL and a team owner.

A bill that would require a public vote approving city funds for the stadium has been assigned to the Convention and Tourism Committee. No Convention and Tourism Committee hearings are currently scheduled.

[Hacksaw]

Fingers crossed for failure!! Aldermen, get out your flyswatter and just say NO to the Gnat.

[Ramfan46]

Still ain't counting PSL money which puts this POS at 600 Mill for Kroenke! Not even my money and I'm pissed for him. It's a terrible deal in a luke warm at best market. This is a winning team with a punishing D that has been building slowly for 6 years. You can't say this popped up overnight like a shady Circus. 40-45k fans showing up at best and I'm being generous. Get the F outta that dim dump and come out to LA and watch the support explode with this D and Gurley.

[Hacksaw]

The city is projecting that the NFL’s portion of game-day taxes will nearly cover about $80 million the league would put toward construction. Under Mayor Francis Slay’s proposal, the league would cover those costs if game-day tax projections aren’t met. The city would keep about 36 percent of game-day tax revenue..
Is it likely that the NFL will actually support a plan where they would have to cover construction expenses if projections are not met?