ST. LOUIS (KMOX) (UPDATED 2:56 p.m.) The St. Louis Aldermanic Ways and Means Committee has passed a funding plan for the city of St. Louis to build a new NFL stadium.

The committee voted 7 to 2 in favor of the plan.

Last week, St. Louis Mayor Francis Slay was confidently predicting this would be the outcome.

The total cost of a new riverfront stadium is $1.01 billion. The city would be responsible for $150 million, funded through bonds.

The bill also says the stadium will only be built if the owner of the team playing there signs a lease equal to the length of bond payments. That could stretch out to the year 2051.

Next, the funding plan will go before the full Board of Aldermen on Friday, but it is still on the NFL’s timetable.

Dave Peacock (Kevin Killeen/KMOX)

Dave Peacock following the Ways and Means Committee’s vote, 7 – 2, in favor of a NFL stadium funding plan. (Kevin Killeen/KMOX)

Teams interested in relocating or building a new stadium have until Dec. 28 to submit a final proposal to keep their teams. A pivotal vote on the issue is set for Jan. 12-13 in Houston, Texas. Twenty-four of the league’s 32 owners have to approve any team’s relocation.

St. Louis Rams owner Stan Kroenke favors a multi-purpose stadium in Inglewood, California, to be shared with another team. The Oakland Raiders and San Diego Chargers have a joint project in mind for nearby Carson. Kroenke also is willing to share his proposed stadium with either the Chargers or Raiders.

NFL Commissioner Roger Goodell said last week that it may not matter if St. Louis passes a plan to fund a new stadium – the city could still lose the Rams.

“It’s possible, but again, it is a membership vote,” Goodell said. “Ultimately (the owners) take more into consideration. They take into consideration the past history, what has happened in that marketplace.”

The St. Louis NFL Stadium Task Force released the following statement:

“Today’s passage by the St. Louis Aldermanic Ways and Means Committee of the city’s funding bill represents another significant achievement for our proposed stadium project on the Downtown St. Louis riverfront. We are committed to keeping the Rams and the NFL in St. Louis, and it is particularly rewarding that this important committee recognized the vast upside of the project, including many benefits that are lasting and transcend football. We have confidence that the full Board of Aldermen will also recognize the substantial positive impact the project will have on our city and region, and give its approval in the days ahead.”

(TM and Copyright 2015 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2015 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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