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Board of Aldermen perfect stadium financing bill; set up final vote for Friday

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Board of Aldermen perfect stadium financing bill; set up final vote for Friday

(KTRS) – UPDATED: The full St. Louis Board of Alderman approved final wording of the bill that provides funds from the city of St. Louis for a new NFL stadium. The bill was approved by a 17-10 vote. The latest version of the bill calls on the city to supply $145 million in funding: $70 million […]

Board of Aldermen perfect stadium financing bill; set up final vote for Friday

(KTRS) – UPDATED: The full St. Louis Board of Alderman approved final wording of the bill that provides funds from the city of St. Louis for a new NFL stadium.

The bill was approved by a 17-10 vote. The latest version of the bill calls on the city to supply $145 million in funding: $70 million by refinancing debt on the Edward Jones Dome and the remainder of the money coming from game day tax revenues. The bill also states that the NFL has agreed to supply another $100 million toward the construction of the stadium. the board is expected to hold a final vote on Friday.

The league has issued a December 30 deadline for the city to get a financing plan finalized.

EARLIER: The St. Louis Board of Aldermen continue to debate a plan to finance an NFL stadium along the north riverfront.

Alderman Jack Coatar introduced a substitute plan today that calls on the NFL to contribute another $100 million to construction costs, upping the cost of the project to $1.1 billion.

Alderman Scott Ogilve opposes the bill and said that the supporters’ most compelling argument is that St. Louis should remain an NFL city. But Ogilve says having an NFL team has no connection to a city’s success, saying other NFL cities experience problems such as a high murder rate and declining financial health.

The Alderman are expected to vote to perfect the bill Tuesday, meaning a final up-or-down vote could happen as early as Friday.

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