Newspaper article St Louis Post-Dispatch (MO)

City Board Approves Tax Incentives for Major League Soccer Stadium

Newspaper article St Louis Post-Dispatch (MO)

City Board Approves Tax Incentives for Major League Soccer Stadium

Article excerpt

A city economic development board approved two tax breaks on Thursday for a proposed Major League Soccer stadium in downtown St. Louis.

The Land Clearance for Redevelopment Authority passed its part of a $30 million state tax-credit deal, plus a full break on stadium construction materials.

The city board's first action sends an application to the Missouri Development Finance Board for a contribution tax credit of up to $30 million over two years. The state development board would have to approve the credit before it is issued. It is scheduled to meet in December.

The city board's second action approved a full tax break on stadium construction materials, which is expected to save the ownership group several million dollars.

City staff assured the board that they are working on a funding agreement to ensure team owners reimburse the city for its costs. …

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