Kansas City Royals have Struck agreement With Minnesota Twins For…..

Legislation to be presented Monday to Kansas lawmakers to lure the Kansas City Royals or Kansas City Chiefs across the state line would allow issuance of bonds to cover 75% of stadium projects with a minimum capital investment of $1 billion.

The STAR bonds would have a 30-year payback schedule, rather than the 20-year timeline for other state bonded projects. Current STAR bond law in Kansas limited financial support for economic development projects to 50% of the cost.

In addition to state revenue from sports gambling and lottery gaming, sales tax revenue from businesses in the respective sports stadium development districts would be earmarked to cover bond debt. In another unusual move, the bill would allow up to 100% of sales tax revenue on alcoholic liquor sales within a stadium district to be dedicated to paying off bonds.

A 40-page bill outlining details of the incentives was prepared for consideration during the special legislative session called by Gov. Laura Kelly for the purpose of resolving a stalemate on state tax reform. The session formally opens Tuesday, but committees devoted to business and tax issues will convene Monday.

The scramble in Kansas to pull together a bill supporting construction of Kansas stadiums for the Royals or Chiefs followed the April rejection by Jackson County, Missouri, voters of a sales tax measure that would have generated funding for a downtown baseball stadium for the Royals and financed renovations to Arrowhead Stadium where the football team plays. The teams are bound to existing stadium leases through 2031.