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Photo rendering courtesy of HOK
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Photo rendering courtesy of HOK
UPDATE December 7, 3:45 p.m. The St. Louis Post-Dispatch reports that the city has prepared an application for $40 million in state tax credits for an MLS stadium in St. Louis.
This amount would be in addition to the $80 million for stadium construction that the public will vote to fund or not fund in April.
According to the Post-Dispatch, the state tax credit application was prepared by the city's Land Clearance for Redevelopment Authority, which oversees many aspects of the City of St. Louis' public and private real estate development; the application will be presented to the Missouri Development Finance Board in Jefferson City on Thursday, and a vote is expected December 20.
"The vast majority of the SC STL plan is funded by private money, but the tax credit package is an important piece that will allow Missouri to compete with other markets seeking a new MLS team," said a statement from SC STL (attributed to one of its executives Dave Peacock) to the Post-Dispatch.
UPDATE: November 29, 11:14 a.m. In a letter dated November 23, Foundry St. Louis CEO Dan Cordes offered to cover the $80 million that city residents would potentially have been asked to pay to bring an MLS stadium and team to St. Louis.
Cordes writes that this will eliminate "any 'need' for City of St. Louis taxpayers to cover the gap through taxpayer-subsidized corporate welfare."
The letter is addressed to Dave Peacock, an executive at SC STL (the ownership group that unveiled the stadium plans almost two weeks ago). In that announcement, SC STL revealed they were working to secure public funding for a portion of the $200 million stadium through a vote that would have taken place in April 2017.
"MLS in St. Louis cannot and should not serve as an anchor dragging on city finances and services," Cordes writes. "Rather, it should employ minority-owned consultants, vendors, and contractors, create salaried and high-wage jobs, spur population growth, and advance the conversation about racial equity and economic inclusion."
Foundry St. Louis is an ownership group hoping to bring an MLS franchise to the city. Cordes' letter was published November 28 on stlsoccerreport.com, and Cordes confirmed to the St. Louis Post-Dispatch that he wrote it.
Original story, published November 18, is below:
SC STL, a Missouri ownership group, unveiled plans this week for a $200-million stadium for a Major League Soccer team that would be built downtown next to Union Station.
Much of the funding for construction would come from SC STL, whose chairman is Paul Edgerley, formerly of Bain Capital and currently a partner with VantEdge Partners. SC STL has had discussions about getting financial assistance through the state and is working with the City of St. Louis on securing public funding through a vote of the people that would take place in April 2017.
"This is an once-in-a-lifetime opportunity to bring Major League Soccer to St. Louis," Edgerley said in a statement. "We know the city will support the team and the league with passion and enthusiasm. There is still a lot of work to do, but we are optimistic that working together we can make this happen for an outstanding sports and soccer town, and simply one of the best cities in America."
See also: Even without an MLS team, St. Louis Has Played a Large Role in the Development of Soccer in the U.S.
The stadium would encompass more than 24 acres with an opening day capacity of 20,000 seats (with the ability to expand to 28,500). The property is currently controlled by the Missouri Department of Transportation.
"This is a moment that St. Louis has to seize," said City of St. Louis Mayor Francis Slay in a statement. "The potential of what this can mean for Downtown St. Louis and the people of our entire region is immense."
In 2015, MLS commissioner Dan Garber visited potential stadium sites in St. Louis and met with Gov. Jay Nixon, Slay, and SC STL executives.
"The possibility for MLS expansion to the city and region is promising," Garber said in a statement.
SC STL executives also include Jim Kavanaugh, currently chief executive officer of World Wide Technology and investor owner of the St. Louis Blues; and Dave Peacock, former president of Anheuser-Busch.
