An ownership group planning to build a football-specific stadium in St. Louis in the hope of bringing a Major League Soccer (MLS) team to the city will apply for $40m (€37.0m/£31.5m) in state tax credits to support the project.
The open-air stadium, which would have a capacity of 20,000, with the ability to expand to 28,500, is expected to cost approximately $200m. SC STL, the group behind the plans, has already said that $80m in public financing will also be required to carry out the project.
The St. Louis Post-Dispatch newspaper reports that the group will today (Thursday) meet with the state’s Development Finance Board to discuss plans to also use tax credits. The board is expected to vote on the measure on December 20.
The SC STL application also reveals that the total cost of bringing an expansion franchise to Missouri city will be $405mm, with the group to provide $280m of the total figure. In addition to the stadium, the overall cost includes a $200m team expansion fee and $9m in upgrades to the city’s transportation system.
Speaking about the tax credit application, Mary Ellen Ponder, chief of staff to mayor Francis Slay, said: “We remain committed to working with SC STL to develop a sound financial proposal to put before the voters. This is a piece of that proposal.”
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