St. Louis NFL Stadium Plans Clear Initial Funding Hurdle

"The Missouri Development Finance Board on Tuesday approved $15 million in tax credits this year for the proposed riverfront football stadium in St. Louis," report David Hunn and Alex Stuckly. "It is the first step toward $50 million from the agency over three years."

Board Chairwoman Marie Carmichael has made assurances that the investment is protected, and that the credits won't be issued unless "all the ducks are in order."

The Dome authority, a public entity that owns the Edward Jones Dome where the St. Louis Rams currently play, sought the tax credits in July. "The Dome authority, under direction from Nixon's stadium task force, is funding plans to build the $998 million arena. They have proposed to pay for construction with $450 million from the National Football League and team, $201 million in bond proceeds from the state and the city of St. Louis, $160 million from the sale of seat licenses and $187 million in tax credits, according to the state application."