Mediation is set for early next year on a renovation plan for the St. Louis Rams’ professional football stadium, according to local published reports quoting National Football League sources.
The team and the public agency responsible for renovations are under a confidentiality agreement not to discuss details of negotiations.
Under the team’s lease, the Edward Jones Stadium must be maintained in a condition in line with the top stadiums in the league or the team can break its lease after the 2014 season.
The team has proposed renovations with an estimated $700 million price tag. The St. Louis Convention and Visitors Commission rejected the Rams’ plan earlier this year.
The team’s proposal came after it rejected the commission’s initial $124 million plan for upgrades. The commission in August offered up a revised plan.
The failure to reach an agreement by a June deadline put them on the path to arbitration.
The Regional Convention and Sports Complex Authority issued $256 million of 30-year revenue bonds to finance the stadium, which opened in 1995. The Rams moved to St. Louis from Los Angeles and began playing in the dome in 1995.