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County Council Expected to Consider Cards' Stadium Loan

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(KWMU file photo)

By AP/KWMU

St. Louis, MO – The St. Louis County Council is expected to consider a $45 million dollar loan at its meeting Tuesday night; the loan would help pay for a new Cardinals stadium downtown.

A state board called the Missouri Development Finance Board is also expected to consider a package of tax subsidies for the $400 million ballpark.

The two government bodies are acting because they've learned the team's owners have nearly secured their part of the deal, which includes finding a private company to finance much of the project.

The Finance Board's action will actually be a reissuing of the tax subsidies. It also will approve plans for a $45 million dollar bond issue to help St. Louis County provide its share of financing for the downtown project.

The County Council will consider a $45 million loan that would be funded by the bond issue. The debt would be repaid from the county's motel and hotel tax.

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