Missouri Gov. Jay Nixon's stadium task force co-head Dave Peacock said that the group is "now anticipating the state and city will cobble together" $250M in bonds for the Rams' new riverfront stadium, not $350M, "as first anticipated." Peacock said that the plan "makes up the difference" with $150M in "tax credits and other economic tools." In St. Louis, David Hunn notes the original proposal called for $55M "in tax credits," but Peacock "wouldn’t further break down the new figure" (ST. LOUIS POST-DISPATCH, 5/13).
PICKING UP THE TAB: In Edmonton, Catherine Griwkowsky notes Mayor Don Iveson "hopes the city will make up" a C$32M shortfall in the C$604.5M overall cost for the arena district surrounding Rogers Place that "was expected to come from provincial funding by using the Community Revitalization Levy (CRL) -- a tax on increased property value in the arena entertainment district." The option is "made more palatable with growth in business downtown as the amount of new development has exceeded the city's best expectations." Iveson: "Things are looking up for downtown Edmonton and that means revenue for the CRL which allows us to deal with the unfortunate situation of the small shortfall in provincial funding" (EDMONTON SUN, 5/13).
I'M JUST A BILL: In Newark, Keith Sargeant reported New Jersey State Sen. Raymond Lesniak will "sponsor a bill to provide" up to $75M in "tax credits under the Economic Redevelopment and Growth Grant Program for infrastructure projects at the state's three public research universities." The tax credits are "intended to be divided in equal shares" of $25M to Rutgers, Rowan Univ. and the New Jersey Institute of Technology. Lesniak, who has been an influential figure in the push to upgrade the Rutgers athletics facilities, said the bill is "not specifically targeted for athletic facilities.'' But Lesniak said he would "urge the administration at Rutgers to apply it for their athletic facility upgrades" (Newark STAR-LEDGER, 5/12).
