The St. Louis Rams’ plans for the renovation of the Edward Jones Dome were revealed on Monday. What happens next in negotiations over the facility?
St. Louis Rams, CVC Will Go To Arbitration Over Dome Renovation Plans
According to the team’s lease on the facility, the Dome must be considered among the “first tier” of NFL stadiums by 2015. If it is not, the Rams can opt out of their lease, which binds them through 2025. This spring, the CVC presented the Rams with a $124 million plan to spruce up the Dome. The Rams rejected that proposal and countered with their own plan, estimated to cost around $700 million.
The two sides had until June 15 to negotiate a deal before sending the matter to arbitration. With a difference of nearly $600 million, the factions had a considerable gap to bridge, and it was widely expected that the matter would go to arbitration.
Read Article >St. Louis Rams’ Dome Renovation Plan Estimated To Cost $700 Million, Mayor Urges City To Reject Proposal
Jeff Rainford, the mayor’s chief of staff, warned that the price tag for the Rams’ proposal was too much for city and state taxpayers to bear. No breakdown of how the Rams’ plan would be paid for was presented.
On top of the cost to the public for paying for stadium renovations, Rainford warned of the hidden costs of closing the facility to conventions during the construction phase. The mayor’s aide said that the Rams’ plan could potentially close the Dome to convention business for up to three years at an estimated cost of some $500 million.
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