GOV
Comptroller's Updated Statement Regarding New Stadium Funding
by Comptroller Darlene Green
This article is 9 years old. It was published on October 28, 2015.
All parties involved in negotiating the funding of a new riverfront stadium should keep in the forefront what the terms will mean to city taxpayers and to the city's credit rating.
The city cannot agree to fund the $150 million proposed by the stadium task force without extending itself well above the current $6 million commitment. Instead, the new funding structure asks city taxpayers to pony up $10 - $12 million annually.
Louis city should not be asked to shoulder the burden of the funding gap that was created when St. Louis County was given a pass for its share in building a new stadium.
When analyzing the risks and benefits, I reiterate that all funding partners should share equally in bridging the funding gap and minimize the burden to city taxpayers.
I can support building a new stadium and retaining a NFL team as long as that desire is balanced with community-building, public safety and other financial commitments.
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The Comptroller of the city of St. Louis is charged with protecting the credit of the city and being a watchdog over taxpayer dollars.
Related Resource:
St. Louis Post-Dispatch Article:
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Department:
Office of the Comptroller
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Topic:
Sports and Recreation
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