Tom Timmerman
St. Louis Post-Dispatch
September 1, 2007

Revenue from the city's portion of the proposed soccer stadium project would almost double its investment, according to "positive" financial estimates released by officials Friday.

The stadium and mixed-use development would, according to estimates, cost the city $3 million a year over the next 25 years. But officials are confident the project will generate $5.7 million a year, or $2.7 million over their investment.

"The numbers have been a long time coming and they've been changing regularly as the project develops,'' said City Manager Bob Knabel. "While the number of $2.7 million is very positive, in the end we felt the city will see more benefit than (that). It's a great deal for the city."

Officials released the estimates to give the public 10 days to study the figures before the City Council votes Sept. 10.

Knabel said he will recommend that the council approve the project. He said Collinsville would sell bonds totaling about $30 million to $35 million to pay for the project, though the exact number wouldn't be known until the details were finalized.

If the City Council approves the plan, the St. Louis area would be in line for a Major League Soccer expansion franchise that Jeff Cooper, who has spearheaded the project, hopes to have on the field by 2009.

The city's projections, done in conjunction with two consulting groups, project $5,646,250 in revenues per year. From that, Collinsville would use the first $3 million to pay off the bonds. Collinsville would keep the next $1 million, and the city and Cooper's group, St. Louis Soccer United, would split revenues 50-50 after that, with the ownership group's share going to help retire the bonds.

The city also has decided to let the project be built as currently planned, which includes 1,600 residential housing units. The city was not sure it wanted that many homes built. With the homes, the total value of the project is forecast as $572.9 million.