ST. LOUIS – The first anniversary of the historic $790 million settlement of St. Louis’ lawsuit against Rams owner Enos Stanley Kroenke and the NFL is two weeks away. But St. Louis City, St. Louis County, and the Regional Convention and Sports Complex Authority (RSA), which operates the Dome at America’s Center where the Rams played, have failed to figure out how to split the money.
Maybe they shouldn’t split it at all.
The RSA board has just approved a non-binding resolution with zero opposition. It calls for the bulk of the settlement money to be set aside for something with a “transformative, multi-general economic impact on the St. Louis region.”
“We’re hoping the narrative shifts a little bit and we start talking about how these funds could be used for community betterment in a way that could be transformative,” said RSA Secretary-Treasurer Joseph Blanner.
When it comes to transforming the region, a lot of things may come to mind. St. Louis-Lambert International Airport tops a lot of lists. Airport officials are now finalizing a master plan for an estimated $3 billion overhaul of the cramped and antiquated facility.
Dennis Hancock, who was just elected to the St. Louis County council this week, shares the view of outgoing council member, Tim Fitch.
“One of the things we keep hearing about from our corporate entities is that the airport is a detriment. This is an opportunity to turn that around,” Hancock said. “The airport is certainly a regional asset. As someone who’s traveled in and out of there several times over the last decade, it needs some help.”
Hancock, a Republican from Fenton, takes office in January.
The airport plan, however, already includes funding sources and can likely move forward without tapping the NFL settlement. Still, it’s the kind of response the RSA is hoping to generate.
St. Louis City, St. Louis County, and the RSA are still mired in secret negotiations over how to split the $515 million remaining after attorneys’ fees. The money is currently earning more than $45,000 a day in interest. At that rate, the pot will grow to more than $530 million by the second anniversary of the settlement.
“I’m afraid that if we get too many people involved and too many entities involved in it, then we end up doing nothing and missing an opportunity,” Hancock said. “We owe it to ourselves and the people we represent to take our time, make the right decision, and make a good decision for the region.”
The St. Louis mayor and the St. Louis County executive have advocated using the money to benefit future generations without mentioning specific goals or plans.
The RSA resolution also calls for a small portion to be set aside for upkeep of the dome in Downtown St. Louis.
“Transformative doesn’t necessarily have to be a big ticket item, but transformative certainly means it has a big impact,” Blanner said.