The Missouri Department of Economic Development is recommending the state provide $27 million in taxpayer subsidies for the proposed Ballpark Village development to be built next to new Busch Stadium in St. Louis. The recommended subsidy is slightly smaller than the $32 million sought by the St. Louis Cardinals and the developer the team hired for the project.
The Missouri Development Finance Board, which provides tax breaks for economic development projects, is expected to vote on the proposal next month. Ballpark Village is expected to cost $280 million, with about $100 million coming from state and local taxpayer subsidies.
Economic development officials recommended less state money than requested after concluding only about 75 percent of the sales tax revenue generated by Ballpark Village would be new revenue, while the remainder would result from sales shifted from existing businesses. Project proponents contended 90 percent of the revenue would be new.
The Missouri Development Finance Board, which provides tax breaks for economic development projects, is expected to vote on the proposal next month. Ballpark Village is expected to cost $280 million, with about $100 million coming from state and local taxpayer subsidies.
Economic development officials recommended less state money than requested after concluding only about 75 percent of the sales tax revenue generated by Ballpark Village would be new revenue, while the remainder would result from sales shifted from existing businesses. Project proponents contended 90 percent of the revenue would be new.
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