Deal to build MLS stadium downtown gets first round approval

ST. LOUIS (KMOX) -- St. Louis aldermen have given first-round approval to the Major League Soccer stadium planned for downtown. The deal passed out of committee by a vote of 7-0."I'm not surprised it passed 7-0, it's a really high quality project for the City of St. Louis, really beneficial, and not going to be hurting the taxpayers," said Ward 6 Alderwoman Christine Ingrassia following the vote."I'm thankful for the Taylor and Kavanaugh families for their continued investment in the city," said St. Louis Board of Aldermen President Lewis Reed, who sponsored the bill. "I'm really excited, you know, half a billion dollars. That's a good day for the city."Under the proposal, the stadium would be paid for mostly by private investors with some money coming from tax breaks on things sold at the stadium.It includes various incentives packages totalling more than $20 million in areas like sales tax exemptions on construction equipment, amusement tax abatements, property tax abatements and more.If all goes well with the full Board, the official groundbreaking could be this spring with the stadium opening by March of 2022. © 2020 KMOX (Entercom). All rights reserved.