The St. Louis Development Corporation released a financial impact report on the city’s proposed new stadium for a proposed MLS expansion team yesterday, and because the city development agency apparently bases its economic methodology on Yelp, it gave the plan “five stars”:
“You’re not going to see a proposal this good anywhere, any place in the country,” said Steve Conway, chief of staff to Mayor Lyda Krewson.
The analysis, which Conway called conservative, predicts a new stadium would send the city $1.4 million in tax revenue every year.
It also shares a litany of new information with aldermen hungry for details: The present values of tax incentives for this proposal add up to $39.7 million, in comparison to $123 million offered to the effort that failed to land a team last year. The proposed stadium improvement fund, fed by a 2.5 percent ticket tax, would add up to $28.7 million over 30 years.
Wait, so the tax incentives and siphoning off half of the city’s ticket tax money would add up to $68.4 million over 30 years, and the new tax revenue would add up to $42 million over 30 years? I don’t know what kind of curve the St. Louis Development Corporation grades on, but that sounds like three stars at best, maybe two if the waiters didn’t promptly refill water glasses.
Normally at this point I would dive into the text of the report itself, but as the St. Louis Dispatch didn’t bother to include a link and the SLDC apparently hasn’t gotten around to posting it on its website, that’ll have to wait. (I’ve requested a copy from the SLDC, but it’s a little early in the morning yet for them to reply.) For now, it looks like the most we can say about the public cost of the soccer plan is it’s not as bad as the last one, and we already said that a couple of months ago, and besides that’s not saying much considering how awful the previous plan was. Further updates as they become available, I guess.