Aldermanic Committee considers new soccer stadium funding plan

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ST. LOUIS, MO (KTVI)-The economics of the proposed Major League Soccer stadium downtown will be front and center tonight at a key committee meeting.

The Aldermanic Ways and Means Committee will be looking over the financing agreement between the city of St. Louis and the MLS investor group. That meeting is set to start at 5:30 p.m. this evening at City Hall.

The current proposal has the city contributing $60 million for the new stadium which would be built near Union Station.

There would also reportedly be $95 million dollars in private funding to help build the 22,000 seat stadium. The MLS investors are also agreeing to pay any cost overruns. The soccer stadium bill moved forward on Monday at the

Board of Aldermen after officials approved how the wording would appear on the April 4th ballot if the measure gets that far. The ballot language part of the soccer stadium bill could come up for a final vote on Friday before the full Board of Aldermen.

The full board must also approve the financing agreement. The soonest that could happen if Ways and Means approves the financing tonight would likely be on Friday of next week.

A judge would need to give final approval to get the soccer issue on the ballot because a deadline has already been missed.

Financing for the soccer stadium isn`t the only thing before the ways and means committee tonight. A measure for the city to pay $100 million worth of improvements to the Scottrade Center is also set to once again be discussed.

This bill has been before ways and means several times-it failed on Monday before the committee.
But rules allow it to be brought back.

Voter approval is not needed for the Scottrade improvements but the board of Aldermen does need to give the green light.