The office of St. Louis 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 David Hunn of the ST. LOUIS POST-DISPATCH. Slay staffers said that rather than a yearly $6M bond payment, the new bill "would reduce payments in early years" to $4.5M, and increase them later to almost $9M, to "better match an expected rise in tax dollars." The city "would keep" about 36% of its "game-day tax revenue -- in earnings taxes and a portion of sales taxes." Staffers acknowledged that year-by-year, city revenue "will not cover expenses," but construction of the $1B stadium "will generate millions in worker payroll taxes and city permit fees, which will fill shortages from other years." The bill and accompanying financing package "will be introduced" at tomorrow's board meeting. Slay’s Chief of Staff, Mary Ellen Ponder and St. Louis task force co-Chair Dave Peacock "have been working for weeks to find enough money to cover the city’s share" of the approximately $145M construction cost "without hurting the city’s budget or credit rating" (ST. LOUIS POST-DISPATCH, 10/29). In St. Louis, Jacob Kirn noted any cost overruns in stadium construction "would be paid for by the St. Louis Regional Convention and Sports Complex Authority." The city "still must pay" $6M annually through '21 on the Edward Jones Dome debt, and another $1M annually from '22-'24 (BIZJOURNALS.com, 10/29).
