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St. Louis board approves its part of tax incentives for downtown soccer stadium

A city economic development board approved two tax breaks on Thursday for a proposed Major League Soccer stadium in downtown St. Louis.

The Land Clearance for Redevelopment Authority passed its part of a $30 million state tax-credit deal, plus a full break on stadium construction materials.

The city board’s first action sends an application to the Missouri Development Finance Board for a contribution tax credit of up to $30 million over two years. The state development board would have to approve the credit before it is issued. It is scheduled to meet in December.

The city board’s second action approved a full tax break on stadium construction materials, which is expected to save the ownership group several million dollars.

City staff assured the board that they are working on a funding agreement to ensure team owners reimburse the city for its costs.

Director Otis Williams told the board that the moves on Thursday are preparations “to make ourselves the prettiest beauty queen at the event,” as the ownership group works toward sending its application to MLS for a team.

Bill Kuehling, an attorney for the ownership group — World Wide Technology chief executive Jim Kavanaugh and Enterprise Holdings’ Taylor family — said that the owners are aiming to have documents to the league by Dec. 1.

City aldermen will take up at least one resolution on Friday that includes additional incentives, including a 50 percent break on ticket taxes, free use of the site’s land, just west of Union Station on Market Street, and a 3 percent tax on stadium goods.

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(c)2018 the St. Louis Post-Dispatch

Visit the St. Louis Post-Dispatch at www.stltoday.com

Distributed by Tribune Content Agency, LLC.

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