A proposed riverfront stadium in St. Louis is one step closer to reality with initial approval of the financing plan by the city’s aldermen on Tuesday.
Following a heated debate, aldermen gave the city’s portion of the stadium funding plan initial approval by a 17-0 vote. They will be back in session Friday afternoon to send the measure to St. Louis Mayor Francis Slay.
The majority of financing for the $1 billion project comes from private sources. The city would be required to make anywhere from $4.5 million to $9 million a year in bond payments.