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SC STL Ownership Group's Plan For A New MLS Stadium Stalls For A Second Time

A plan to spend $60M in public money to build a new MLS stadium in St. Louis "stalled for the second time in nine days at the Board of Aldermen" on Thursday, according to a front-page piece by Mike Faulk of the ST. LOUIS POST-DISPATCH. The Ways and Means Committee discussed the proposal with some "heated exchanges before tabling it." Alderman Stephen Conway said that it would "get another hearing Monday, but described it as currently being 'on life support.'" Late in the afternoon "too few aldermen returned to the Kennedy Room to constitute a quorum, which Conway said was a deliberate move by some aldermen to deny a vote" on funding for a $67.5M renovation to the Scottrade Center. Faulk notes this was the private ownership group SC STL's "second shot at building" a $150-200M soccer stadium. Investors would commit $95M to the stadium and about $150M to the league to "acquire a team." Missouri Gov. Eric Greitens has previously "opposed public funding for stadiums," but SC STL Exec Board member Dave Peacock said that the state’s contributions "wouldn’t necessarily be considered a financial commitment to the stadium construction itself." Stadium supporters were "racing to get the proposal through the board by Tuesday in order to get it on the April 4 ballot for a public vote." Conway now says that the bill "likely wouldn’t go to the board until Jan. 27, three days past the deadline to approve it for the ballot" (ST. LOUIS POST-DISPATCH, 1/20).

QUEEN CITY SOCCER
: In Charlotte, Erik Spanberg notes SMI President & CEO Marcus Smith "remains confident" the city's bid for an MLS expansion team and new stadium "will succeed." Sources said that the latest plans for a $175M stadium near uptown Charlotte have Smith paying $87.5M and Mecklenburg County and the city "equally splitting" the remaining $87.5M. Smith "declined to discuss specific aspects of the stadium deal, such as whether he expects to sell corporate naming rights." Because the site is on county land occupied by Memorial Stadium, which would "mostly be razed but for a few elements likely to be preserved as part of the MLS venue, those naming rights could become a divisive issue." Details "leaked by those involved in the discussions have made clear Smith would control the stadium operations and revenue" even as the county "owns the land and new venue." City government is "expected to approve its portion of funding, likely from existing tourism tax revenue, but not before the Jan. 31 deadline." Because the county controls the stadium site, its approval would "likely be enough to complete the bid, leaving time for city government to debate and vote in February" (BIZJOURNALS.com, 1/20). Also in Charlotte, Bruce Henderson notes the latest plan "reduces the contributions" from the county and city council. County commissioners were told on Wednesday that the county and the city would each be asked to pay $43.75M toward a $175M stadium. That is down from the $50M each that was "sought in the initial proposal in early January." Some council members have said that they "want the city to consider building a soccer stadium at the former Eastland Mall site, rather than at Memorial Stadium." Henderson notes the council "has not discussed the stadium proposal in public session" (CHARLOTTE OBSERVER, 1/20).

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