St. Louis Rams: Stadium Lease Proposal Will Be Released Publicly
Missouri Attorney General Chris Koster will comply with a Sunshine Law request that would make the St. Louis Rams' counteroffer to the St. Louis Convention and Visitors Commission (CVC) open to the public, according to Fox 2 Now St. Louis.
The Rams submitted their proposal to upgrade the Edward Jones Dome to the CVC on May 1. However, it was not released to the public as both sides cited a confidentiality agreement for the negotiations. The CVC then asked a judge the following day to decide whether it was obligated to release the plan to taxpayers.
Koster said the plan is to be released no later than close of business on Monday, May 14.
The Rams rejected the initial proposal to upgrade the Edward Jones Dome submitted by the CVC earlier this month. The plan outlined $124 million in stadium improvements, with more than 50 percent being funded by the Rams.
If the CVC and Rams cannot find a resolution on how to make the Edward Jones Dome a "first tier" stadium, then the team could terminate their lease and move out of St. Louis in 2015.
The Edward Jones Dome, which opened in 1995, was financed primarily with $256 million in revenue bonds, which is still being paid off with $24 million annually in tax money. The state of Missouri is responsible for $12 million of that, while St. Louis city and county each pay $6 million.
According to the St. Louis Post-Dispatch, the Rams pay $500,000 each year to lease the Dome ($250,000 in rent and $250,000 in reimbursement for game-day costs). The team profits from advertising, concessions and box office revenue.
The CVC has until June to to either accept or reject the Rams' proposal. The matter will go to arbitration if the matter is not resolved by June 15.
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