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Tax Incentives Approved by City Board for MLS Stadium Construction

The St. Louis MLS ownership group is prepared to privately finance a 20,000-seat soccer stadium in downtown St. Louis.

November 15, 2018 - 4:16 pm
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ST. LOUIS (KMOX) - A city board that oversees real estate development is advancing St. Louis' cause for a Major League Soccer franchise.

The Land Clearance for Redevelopment Authority authorized tax breaks for construction materials used to build the stadium - potentially saving the St. Louis ownership group millions. The tax break is pretty standard for large business deals. 

But there are other tax breaks waiting to be voted on at the state and city level.

Related story: St. Louis MLS Tax Incentives Up For Debate Thursday

The board also approved the sending of an application to the Missouri Development Finance Board for a $30 million tax credit over two years. That board meets again in December.

The "MLS 4 the Lou" group says they're thrilled at the movement and say they now can enter negotiation with the league about an expansion team agreement.

The city's Board of Aldermen will take up more incentives at its meeting Friday - including a 3-percent stadium goods tax and free land use.

The ownership group led by members of the Taylor family of Enterprise and World Wide Technology CEO Jim Kavanaugh are prepared to privately finance a 20,000-seat soccer stadium in downtown St. Louis. These tax incentives will help them pay the bills for the the $200 million stadium. The proposed stadium land, just west of Union Station, is currently owned by the state.