Kansas City

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Kansas City

The City of Fountains, Paris of the Plains, the Heart of America.

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Kansas plan to get Chiefs, Royals relies on billions in bonds with ‘high degree of risk’ (www.kansascity.com)

submitted 6 months ago by JCPhoenix@beehaw.org to c/kansascity@midwest.social

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Some Kansas lawmakers want to use STAR bonds to finance new stadiums for the Kansas City Chiefs and Royals. After Jackson County voters rejected a county sales tax for the teams in April, a Kansas proposal would authorize STAR bonds with 30-year terms to pay up to 100% of the cost of building a new stadium across the state line.

Fully financing a Chiefs stadium could mean issuing $2-3 billion in STAR bonds, and potentially $1.5 billion to $2 billion for the Royals. Never before have STAR bonds of that size been issued. As of 2020, $1.1 billion total in STAR bonds had been issued in total, according to a state audit. The Chiefs-Royals proposal could triple that.

It is far from certain whether such a massive project could pay for itself solely with sales tax revenue.

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[–] TammyTobacco@lemmy.ml 2 points 6 months ago

I'm on the Missouri side, so if Kansas taxpayers want to foot the bill for billions of dollars, good luck!