A major meeting this morning in the debate over whether St. Louis City leaders should approve the city`s share of funding for the new Riverfront stadium.
The Aldermanic Ways and Means Committee is starting a meeting at 9am inside City Hall to consider the funding bill known as Board Bill 219. If Ways and Means approves the bill, then it will go to the full Board of Aldermen for a vote. Sources tell FOX 2 that the bill is expected to pass out of committee.
Earlier, a group called Citizens Against Public Stadium Funding spoke in front of City Hall. That group included several local leaders speaking in opposition to using public funds for the new stadium. In the revised stadium funding plan, the total cost of the new Riverfront stadium now stands at one billion ten million dollars. Funding is coming from many different sources.
The city`s portion would be $150 million funded through bonds and $70 million comes from extending the city`s payments on bonds for the Edward Jones Dome. The other $80 million would be the city helping to pay back other bonds through revenues generated by game-day taxes.
The bill also says the stadium will only be built if the owner of the team playing there signs a lease equal to the length of bond payments. That could stretch out to the year 2051.
We also understand the city would not be on the hook for any cost overruns.
St. Louis City leaders are truly on the clock to make a decision on the stadium funding. The NFL has set a December 30th deadline for the finalized plan to be in place.
The key may be if the funding bill passes out of committee today.
It could take one or possibly two special meetings to try and get a final vote before the December 30th deadline.