ST. LOUIS (KTVI) - The much-talked about NFL stadium funding bill was debated Tuesday at a special Board of Aldermen meeting at city hall. The bill was approved 17-9. A final vote is expected Friday.
According to Board of Aldermen President Lewis Reed, the latest information is that the city’s contribution has actually dropped by $5 million from $150 million to a total of $145 million. $70 million of that comes from extending the current Edward Jones Dome bonds. The other $75 million will be the city helping to pay back additional bonds through game day tax revenues and rent paid by the NFL team that would play in the new stadium.
Reed also said the NFL has also agreed to contribute another $100 million to help cover things like cost overruns.
The bill passed out of the Ways and Means Committee last week after amendments were made to increase jobs for minorities and city residents. A city official tells Fox 2 News if no other amendments are added to the bill, there could be an effort to try and get a final vote Tuesday.
Reed supports the bill and said he believes there are enough aldermen who support the stadium financing bill to pass it.
City officials are up against a December 30 deadline to get their part of the stadium financing bill passed. That’s the date the league has set for the stadium task force to submit its finalized plan for the proposed riverfront stadium.