MLS2STL Financials Released

Following the submission of a formal application to Major League Soccer to bring MLS2STL, the SC STL group met with the Ways & Means committee again to present their Financial Package for approval. Per Katy Hessel from Fox2, by a 4 to 3 vote the committee approved a financial plan in which the city would pay $60-million-dollars and the rest would come from private investors. The package will be voted on by the entire Board of Alderman on Friday (tomorrow) which would next lead to placing the project on the ballot in April.

UPDATE – The St. Louis Board of Alderman approved the financing plan for the MLS Stadium. Mayor Slay indicated he will sign the bill and petition the court to add it to the April ballot.

UPDATE – Statement from Jim Kavanaugh, Vice Chair, SC STL
Today marks another important milestone for the effort to bring Major League Soccer to St. Louis. Our group appreciates the consideration and diligence of the Board of Aldermen over the past several weeks, and we thank Mayor Slay for signing the bill and asking a Circuit Court Judge to now certify the measure for the April ballot. This project will be a major victory for the City of St. Louis. We look forward to further sharing our vision with voters and detailing the merits of the projects in the weeks ahead.

Following the meeting Thursday, Saint Louis FC released the Stadium Project Report and the Economic Impact Study.

While a step in the right direction for MLS fans, there are still plenty of unknowns beyond how the citizens of St. Louis might vote in April. St. Louis Public Radio highlights them:

There are lots and lots of steps needed in order to make a proposed professional soccer stadium in St. Louis a reality. But in addition to passing two separate ballot initiatives and obtaining one of four Major League Soccer expansion slots, city aldermen added a new contingency: Getting the state involved in the project.

During a Ways and Means Committee hearing last week, aldermen approved an amendment that explicitly states that the Missouri Highways and Transportation Commission has to “lease or otherwise transfer land … to the city” and “fund certain site clearing and infrastructure work as may be necessary to prepare the site” for construction.

What that language refers to is the fact that the proposed stadium site is on land that the Missouri Department of Transportation owns. The land in question is right next to Union Station.

So we’ll wait for Friday’s vote and then hope to proceed from there.

%d bloggers like this: