CHICAGO — An independent arbitration panel has picked the St. Louis Rams’ estimated $750 million renovation of the Edward Jones Dome over the St. Louis Convention and Visitors Commission’s more modest plan as the only option that meets a lease requirement to bring the stadium into top-notch condition.

The panel was charged with reviewing the proposals submitted by the commission, the public agency that operates the stadium that is home to the National Football League team, and the Rams after the two sides could not come to agreement.

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