City Of St. Louis Seeks $30M In Tax Credits For MLS Stadium
St. Louis is seeking $30M in "state tax credits to go toward construction" of a downtown MLS stadium, according to Jacob Kirn of the ST. LOUIS BUSINESS JOURNAL. An application submitted by the Land Clearance for Redevelopment Authority last week gives a "more detailed project cost" of $461M, and states that construction at the site will start in January. The city wants to approve the LCRA for $15M in '19 credits and $15M in '20 credits. Those credits would "add to the public cost of the project." The city also plans to contribute an additional $21M through "three special taxing districts, or taxes at the stadium site." The St. Louis MLS ownership group has "pledged to own the development site, which would also comprise the team headquarters, an underground parking garage and practice fields" (BIZJOURNALS.com, 12/2). In St. Louis, Kurt Erickson in a front-page piece notes the ownership group "wants to get the stadium built in time for the first game" in March '22. Construction is "waiting on a final agreement" between the Missouri DOT and the city. The DOT currently "owns the highway ramps that will be removed to make room for the massive project." The city "plans to acquire the land and sell it to the ownership group" (ST. LOUIS POST-DISPATCH, 12/3).