A representative of the St. Louis Blues ownership group on Thursday made an initial pitch for a publicly financed renovation of Scottrade Center.
Phil Siddle, Blues CFO, told the city’s Industrial Development Authority that tax-financed renovations, estimated to cost $138 million, are necessary because the ownership group is losing money, with a loss of nearly $1.1 million in fiscal 2015 and a projected loss of $6.4 million in fiscal 2016. The Blues lost as much as $20.8 million in fiscal 2012, Siddle’s presentation said, making it impossible for the National Hockey League franchise to invest significant sums.
The Blues’ presentation said $57.8 million would be spent on infrastructure, $29 million on technology, $51.8 million on event and fan amenities, and $21.4 million on financing costs.
The Industrial Development Authority voted to give preliminary approval and induce a bond project of up to $160 million. A final vote will be taken later.
Read more: St. Louis Business Journal