A committee of St. Louis aldermen on Wednesday signaled strong support for a plan to build a soccer stadium near downtown by unanimously approving a non-binding committee resolution laying out terms of the plan.
The group behind the stadium consists of World Wide Technology CEO Jim Kavanaugh and members of the Taylor family, which owns Enterprise Holdings. They have proposed constructing a facility near Union Station, with the goal of drawing a Major League Soccer franchise to St. Louis.
The group has said it will pay cash for the stadium, but it’s still seeking tax breaks. Incentives agreed upon Wednesday by the city and prospective ownership group include:
- A full exemption on the construction material sales tax
- Free use of the stadium site
- A 50 percent break on ticket taxes
- Addition of a 3 percent sales tax on sales at the stadium
Wednesday’s vote is one step in a process. The proposal must win approval by the full Board of Aldermen. That could come as soon as Friday. Additionally, aldermen will still have to create the laws to secure the tax incentives.