gary kreie wrote: The debate is: Will the Rams and new stadium return to the PUBLIC all the money the public is being asked to contribute over an ironclad 30 year span.
http://www.stltoday.com/news/opinion/do ... 41ec5.htmlLet’s go back to 1989, when the drive was on to build what is now called the Edward Jones Dome...
The deal called for selling bonds to borrow $258 million to raise the money needed to build the stadium. The state pitches in $12 million a year for 30 years. The city of St. Louis gives $6 million a year for 30 years and St. Louis County also gives $6 million a year for 30 years. The total cost to retire the bonds will be $720 million when the last payment is made in 2021...
Their charts showed that in the very first year of debt payments, the state, St. Louis and St. Louis County would realize $13,794,000 more in revenue than they paid in debt retirement...
By this year, 2015, according to their estimates, the state, St. Louis and St. Louis County are collecting $89,337,000 more than they are paying to retire the bonds. A 5 percent annual inflation rate was assumed in the calculations. Has anyone seen all this revenue?
and here we are only 26 years later, promoters' overblown projections didn't come to fruition, the old bonds aren't paid off, and we're considering taking out more loans to build another one that won't last the 30 years on which all the new (but really the same) projections are based. insanity.
i very much disagree. this debate includes whether or not the stadium as planned, seeking to occupy prime real estate with a rarely-used venue and a sickening amount of surface parking, and to the benefit of a private enterprise owned by a billionaire, is the best use for the north riverfront in terms of promoting economic development downtown.gary kreie wrote:But that is not what the debate is about.






