The owners of the St. Louis Rams last week rejected the St. Louis Convention and Visitors Center’s proposed $124 million plan to upgrade the team’s Edward Jones Dome stadium, which relied on $60 million of public funding.
The plan offered up a series of revenue sources to help pay for renovations to the National Football League stadium. It suggested that debt financing, a ticket surcharge, tax credits, reserves, higher parking fees and other local funds could help raise the public share of the renovation, with the team covering the rest.
The Regional Convention and Sports Complex Authority issued $256 million of 30-year revenue bonds to finance the stadium, which opened in 1995.
The bonds are repaid with $24 million in annual revenue, including $12 million from the state of Missouri and $6 million each from St. Louis and St. Louis County. The Rams pay $500,000 annually to use the facility.
The Rams are permitted under the lease to leave the stadium in 2014 if the commission does not keep it in what is considered first-tier condition compared to other NFL stadiums. The Rams now have two months to submit a counter proposal.
The Rams moved to St. Louis from Los Angeles and began playing in the dome in 1995.