[The Ripper]

http://www.stltoday.com/news/local/metr ... 3d2c9.html

Key NFL owner says funding details for St. Louis riverfront stadium are overdue

NEW YORK • Missouri Gov. Jay Nixon's St. Louis stadium task force has not turned in the financial details of its riverfront stadium proposal to a key National Football League committee as expected, a committee member and influential team owner said on Wednesday.

Bob McNair, owner of the Houston Texans, chairman of the NFL finance committee and member of the league's Committee on Los Angeles Opportunities, said that the L.A. committee anticipated getting what he called "term sheets" on St. Louis' proposed riverfront football stadium a few weeks ago.

"That's what we have to see is the term sheet — you know, what's the firm commitment," McNair told the Post-Dispatch during a break between sessions of the NFL owners' October meeting here. "If they're going to do something, they need to act."

McNair said he did not know what was holding up the process.

Dave Peacock, a former Anheuser-Busch executive and co-chairman of Nixon's task force, said the delay was in hammering out the city of St. Louis' commitment to the project.

"The term sheets define the full scope of financing for the project, both public and private," Peacock said. And the public side, he said, needs to be "fully conceived."

City officials have said St. Louis will cover $150 million of the $1 billion stadium. But that agreement must be written into legislation, voted on by the city Board of Aldermen, and signed into law by Mayor Francis Slay.

And Slay's staff has had some concerns about the first draft of the bills. The issue is how to use game-day revenues — taxes, for instance, on stadium parking, hot dogs and the like.

The city is likely going to issue bonds backed by the $6 million in annual general revenue spending on the Edward Jones Dome debt. But that's not going to be enough to cover all $150 million.

So leaders are considering also issuing bonds on the backs of the game-day revenues. Alternatively, the city treasury could pocket the tax increase and pay more out of general revenue toward a second, or larger, bond issuance.

Peacock said task force and city officials are searching for other options, too. "There are a number of ways to make this work," Peacock said.

The goal, he said, is to avoid over-burdening the city's general budget and also avoid negatively affecting the city's credit rating, which has taken some recent hits.

Either way, Peacock acknowledged the deal with the city "needs to be very soon."

Check back to STLtoday.com for details on this developing story

[dieterbrock]

Wow. Great work with the updates here guys. Much appreciated.

[The Ripper]

The finances just keep changing and the deadline was in August.

Nixon sets August deadline for finalized NFL stadium deal
Posted 5:48 pm, June 2, 2015

[bluecoconuts]

The finances just keep changing and the deadline was in August.

Nixon sets August deadline for finalized NFL stadium deal
Posted 5:48 pm, June 2, 2015

I think they're getting a lot more pushback than expected, and they're having a harder time getting things wrapped up. It seems as if the NFL is getting a little pissed at the city, the naming rights things, not having everything set up by now, I think they delayed the process as a show of good faith to the city and it's now making things harder for them. St Louis having various legal challenges, and road blocks as they try to circumnavigate a public vote is now slowing them down when they were racing ahead so fast. Especially since the Aldermen don't appear willing to just pass things through without really caring about what is is.

There is still time for the city though, they can get things wrapped up by next month or even December and make the decision that much tougher for them, but if they can't do it in the next two months, I think it drastically lowers their chances. I thought they would have at least had all the land secured by now. They need to get the land secured and financing in place ideally before December, because if they don't give the league or Rams enough time to go through it, it wont matter.

A lot can happen in two months though.

[Rams the Legends live on]

I think it is simply a case of they don't have the money. I think we are seeing a city version of what I am sure many of us did in our younger married years with a family. Write a check ya know ya don't have the funds to cover and then jump through all hoops ya could find and get creative finding ways to get the money in your account before the bank cashes and post the check. Doing all ya could in the 2 or 3 days ya would have so the check did not bounce.

[The Ripper]

Looks like SD complied with the timeline from the NFL.


daniel kaplan ‏@dkaplanSBJ

Grubman says city of San Diego sent a stadium term sheet to NFL last week




Sorry can't figure out posting twitter posts.

[majik]

San Diego just needs an EIR (again why an EIR that takes 18 months on a site where there already is a freaking stadium) then schedule a vote. To St. Louis readers a vote is a democratic process by which the people actually have a say in how the local government spends its tax dollars.

How come the Mission Valley site needs as 18-month EIR while one of the most toxic lands areas in California with nothing on it is allowed to bypass that process?

If the NFL likes San Diego, wouldn't approving the Rams to Inglewood and keep open the second slot to give San Diego time to complete thing be the most prudent measure? Gives Spanos leverage while providing a city that actually believes in the democratic process time to get things done properly, which has been the recent rejection reason by Spanos/Fabiani.

[ramfaninsd]

perhaps we can do a vote to bypass the eir like carson and inglewood did.

[Pancake]

St. Louis just comes off as flaky and unreliable. They can't be trusted to keep their end of a bargain. They are spending money it seems they don't have. They are trying to deprive the tax payers of any say in the matter. I think their actions have doomed their chances and not only will they lose the Rams but they will probably never get another NFL team.

[bluecoconuts]

Looks like SD complied with the timeline from the NFL.


daniel kaplan ‏@dkaplanSBJ

Grubman says city of San Diego sent a stadium term sheet to NFL last week

https://twitter.com/dkaplanSBJ/status/651882238930497536


Sorry can't figure out posting twitter posts.

That's pretty impressive how fast they were able to get it out, but of course it's all about what the term sheet says that matters.. Still for how fast St Louis has moved, San Diego has moved just as fast.