By AP/KWMU
St. Louis, MO – The St. Louis County Council is expected to consider a $45 million dollar loan at its meeting Tuesday night; the loan would help pay for a new Cardinals stadium downtown.
A state board called the Missouri Development Finance Board is also expected to consider a package of tax subsidies for the $400 million ballpark.
The two government bodies are acting because they've learned the team's owners have nearly secured their part of the deal, which includes finding a private company to finance much of the project.
The Finance Board's action will actually be a reissuing of the tax subsidies. It also will approve plans for a $45 million dollar bond issue to help St. Louis County provide its share of financing for the downtown project.
The County Council will consider a $45 million loan that would be funded by the bond issue. The debt would be repaid from the county's motel and hotel tax.