The ownership group behind the upcoming Major League Soccer expansion team in St. Louis may be getting a helping hand from the state of Missouri after all.
The state had previously rejected a request to give out $30 million in tax credits toward a new stadium to be built for the new MLS team, but Tuesday revealed a compromise: around $5.7 million in tax credits. The Missouri Development Finance Board unanimously agreed Tuesday to the incentives package, according to the St. Louis Dispatch.
The tax credits will help assist the construction of a $458 million soccer complex in downtown St. Louis. Specifically, the money is expected to go toward installing necessary utility connections in the area. The stadium itself is expected to cost around $250 million.
Preparations to develop the site are already underway, with highway ramps being removed to make way for the new construction.
St. Louis’ yet-unnamed MLS team is expected to join the league in 2022, and that leaves little margin for delay in the construction of the team’s planned 22,500-seat stadium. A government vote on whether the stadium will be allowed to levy a special 1% sales tax on purchases at the new venue has been delayed, but these are the finer details that will need to be decided before the team starts playing.
The new MLS team does not have a name or colors yet, but two weeks ago team owner Carolyn Kindle Betz said the club hoped an announcement would come “in the next couple weeks.” Betz said out of around 6,000 fan suggestions for a name, a short list had been comprised of the top six options.
St. Louis was awarded an MLS expansion team in August.