The owners of St. Louis' new MLS club are "moving forward" with their $461M stadium and practice field plan, "despite Missouri’s refusal to approve state tax credits," according to Jacob Barker of the ST. LOUIS POST-DISPATCH. Bill Kuehling, an attorney for the ownership group, said the project is "full steam ahead." The ownership group "has been silent since Gov. Mike Parson’s administration surprised them with its decision last month not to grant" the $30M tax credit request. The state could "still approve a package of state aid" closer to $6M. Kuehling said that the owners "remain in discussions with the state." He added that they believe the state should be "willing to assist the project 'as a matter of fairness.'" Ownership had "planned to finance nearly all of the project with their own funds, asking for some special sales tax districts from the city, property tax abatement and the state tax credits." The St. Louis Land Clearance for Redevelopment Authority voted yesterday to "recommend 25 years of property tax abatement." The incentives will "go next to the city’s Board of Aldermen." The ownership group had "indicated it would own the stadium and pay taxes on the value of the land, mostly state highway ramps now, while seeking the abatement on the value of new construction" (ST. LOUIS POST-DISPATCH, 1/22). Kuehling said that the team "owns all but two parcels in its proposed footprint ... and is in talks with the owners of the remaining properties" (BIZJOURNALS.com, 1/21).
