NEWS

Stadium Authority gets $3 million loan for riverfront stadium development

Wednesday, Dec 16, 2015

The Missouri Development Finance Board has given the St. Louis Convention and Sports Complex Authority (RSA) a $3 million line of credit to help the entity continue developing the $1.11 billion NFL stadium along St. Louis’ north Mississippi riverfront.

As of Nov. 13, the RSA had spent more than $10 million on the stadium effort, mostly on consultants, lawyers and designers.

“While awaiting what we expect to be a positive notification from the NFL that St. Louis will remain an NFL city, additional funds will be required to continue design and development efforts into early 2016,” RSA Executive Director Brian McMurtry said in a letter requesting the credit line.

According to MDFB documents, the RSA would be able to incrementally withdraw at least $500,000 until the end of 2016.

The MDFB in October authorized$43 million in tax credits for the stadium.

This week, the city of St. Louis’ Board of Aldermen is expected to vote on a public financing package.

 

bizjournals.com

Other News