Associated Industries of Missouri testified on Monday, November 30, at a hearing of the House Select Committee on Budget regarding a potential St. Louis stadium proposal.
AIM president and CEO, Ray McCarty, testified before the Committee, and presented AIM’s policy regarding stadiums, as adopted by the AIM Board of Directors:
“Associated Industries of Missouri recognizes the economic value to a community and a state by having a National Football League franchise, and therefore supports the development of a new stadium in St. Louis, Missouri provided:
- The stadium and consequently a National Football League team, are shown through independent research to be an economic engine benefitting the St. Louis region and the entire State of Missouri;
- Adequate protections for taxpayers are included in any financial arrangements used to fund the construction and maintenance of the stadium; and
- There is a proper balance of public and private financing of the project.”
McCarty also introduced Brian Schmidt of Missouri Wonk, to discuss a new study commissioned by AIM and the St. Louis NFL Stadium Task Force, that shows that even if all other potential benefits are discounted, the income tax revenue from players and staff are enough to more than offset the potential state investment, at least according to press reports of potential deals so far.
McCarty stressed that AIM did not have a position on whether the issue is presented as a bill or submitted to a vote of the people or not, except McCarty noted the legislature would need to find a replacement for the $10 million in income tax revenue currently generated by the St. Louis team if a new team is not secured and we lose the Rams.