ST. LOUIS – St. Louis city and county officials will place their shares of the Rams relocation settlement into two separate interest-accruing accounts.
St. Louis City will transfer $280 million into an account with the Missouri Securities Investment Program. The MOSIP account will offer “flexibility and interest,” according an announcement Thursday from St. Louis mayor Tishaura Jones.
“Developing a community-driven plan to use Rams settlement funds will take time, but our investment will accrue interest and grow as we work together to do so,” said Jones. “I look forward to working with the Board of Aldermen to use these funds to make transformative change in our city for generations to come.”
St. Louis County also announced Thursday will transfer $169 million into a similar interest-accruing account, independent of the city’s account.
“The unprecedented settlement with the NFL has provided our region with the opportunity to
make a significant investment in our future,” said County Executive Sam Page. “By putting
this money into treasury bonds, we can continue to collect high-yield interest while having
thoughtful conversations with the community and the council on the best way to use these
Page says the county treasurer is working with brokers to get the best return on investment.
The decisions come after St. Louis city officials and other stakeholders agreed to a split of money from the $790 million settlement last November.
Around one-third of that money accounted for attorney’s fees. St. Louis City ended up with $280 million. St. Louis County ended up with $169 million, and the St. Louis Regional Convention and Sports Authority ended up with around $70 million.
The St. Louis Board of Aldermen intends to collect feedback from residents on how the city could use settlement funds in the future. Per the settlement agreement, the city must appropriate $30 million of its sum by June 30, 2023 or risks losing that sum to the RSA.
According to city officials, the Rams settlement funds face no additional restrictions.