The article is a bit weak on information, but this paragragh implies that the developer is not looking for much from the city.
“The proposed stadium’s owners could get a tax break; the city intends to put a glass ceiling on the existing ticket tax at $15 million per year if a stadium has over 22,000 seats. The building of the stadium has been estimated as capable of creating 23,522 construction jobs. Real estate firm Keyser Martson Associates believes the stadium could reap $325 million in annual revenue.”
But 23,522 construction jobs claim is aboslutely bogus. That would include the ladies who work at the lunch counter down the street plus some.
On the other hand, the St. Louis deal stinks for the taxpayer.
“Meanwhile, back in Missouri, Governor Jay Nixon tries to induce the Rams to stay. His stadium task force has plans for a roughly $1 billion, 64,000-seat downtown St. Louis stadium. The $1 billion cost would be funded from $460 million-$535 million derived from extending current bonds on the Edward Jones Dome plus tax credits. The NFL and the Rams would ante up the rest of the $400 million-$450 million funds needed.”
LA Times article reports “A Feb. 20 consultants’ report to the city manager backing the stadium notes that the developer, not the public, would pay the cost of building the stadium . . .”
I follow development projects in the little city I live in and project that are 1% the size of this take years to go through the development process and face NIMBYs who force changes to suit their wishes.
We could use a little fast tracking of some of our bigger projects.