Officials with the Missouri Department of Economic Development say $30 million in tax credits is too much for a Major League Soccer stadium in downtown St. Louis.
The state plans to consider a smaller intentives package in January, which could provide $6 million for the $461 million project.
“This is an exciting project. The ownership group should be commended for their leadership and initiative on this project and longstanding support for the St. Louis region. We understand they are disappointed with this decision. While we support the project, we do not believe that increasing program caps to authorize $30 million in tax credits for a stadium is the right decision for Missouri,” DED officials said in a statement.
The ownership group, MLS4THELOU, is financing the project largely through private dollars.
Read more from the St. Louis Post-Dispatch.
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