The debt rests solely with Kansas City taxpayers, not the Royals. In this situation, when the new ballpark fails to magically create the amount for the required debt payments, the city will be forced to go into their general fund at the expense of services including police, fire, public transit and neighborhoods.
Let's move up to today. Guess what DeWitt II wants? Busch Stadium needs a “significant capital infusion” in the upcoming years at the latest. My guess is that he will get something substantial around the $500 million mark. I don't think they should but I am just stating that I don't think local leaders would stop them from taking this amount of taxpayer money. The spin would probably just be that the Cardinals are taking just $500M instead of $2B for a new ballpark.
Essentially, the state of Kansas allows for lawmakers to use a “special incentive program” that was started just two years ago to fund a project like the Kansas City Chiefs. The lawmaker who wrote this law (not including language allowing for the public to vote) claims that the public doesn't need to vote since the sales tax is not increasing. I really do hope that this politician understands that while the sales tax will not increase, the money that it brought in to MANY state functions (like public education, facilities, etc...) will now be diverted to the Chiefs project.…
I want to congratulate the mayor of Kansas City (State of Missouri) for making one of the most ridiculous arguments that I have seen so far this year. But first, let me back up slightly. Presently, things do not look good for the Kansas City Royals. They keep missing deadlines. Last week, the Kansas House Speaker noted how the Royals had missed a December 31 deadline, which would have allowed the team to use a state of Kansas funding package for sports venues. This week, one county official told the Kansas City Star that he had given the Royals…
This week, the Kansas City Chiefs announced they were relocating to the state of Kansas for a brand-new $3B stadium. The term sheet agreed upon by the team and state is outlandish. Joe Pompliano (who is one of the best at sports business news) has gone over the term sheet and claims it is the “Most Lopsided Stadium Deal In NFL History” thanks to $1.8 billion in taxpayer money being included. But the details of many important parts of the deal are still unknown. For example, we still don't know where the new stadium will be located. In a…
A few months ago, I wrote a story on the Kansas City Royals and their crazy ways of trying to convince taxpayers to give them a billion dollars through an increased sales tax (for a new ballpark). As I said in the story, the Royals decided that the best way to do this was by making sure that residents were “confused about every detail of their potential ballpark.” Rather than finish important deals months before the vote on the new sales tax, the Royals were completing them “just a week or two before the sales tax vote, leaving people…
According to Port St. Lucie city leaders, this agreement “is designed to bring economic growth, entertainment, and new opportunities to the community.” In this instance, the taxpayer money given to ESC will come from the TIF revenue. However, for the last few weeks, many city leaders have been trying their best to express one specific thing: taxpayers will not pay for the stadium. This message has been expressed time and time again whenever this subject is brought up.
When the Kansas City Royals tried to garner some support for the sales tax vote last year, they paid a company, Jones Lang LaSalle, a Chicago-based real estate company, to write and release an economic impact report on a potential ballpark. But, it didn't take long for problems to come out of this idea. The Royals paid Jones Lang LaSalle to write this report without caring or realizing that Jones Lang LaSalle had no experience with economic impact reports for ballparks or even sports venues. Even worse, the Royals didn't just pay Jones Lang LaSalle but they also “worked…
For the third year in a row, FC Cincinnati co-CEO, Jeff Berding, has gone in front of the Cincinnati Regional Chamber and pushed for a new arena to be built, with or without a sports team attached to it. This year, Berding spoke about how the size of Cincinnati and the fact that many other cities of Cincinnati's size have arenas.
In November of last year, the Kansas City Royals finally told the world that they would be leaving their current ballpark for a new one in 2030! The plans included the ballpark being downtown and the total cost being around $2 billion. The Royals owner, John Sherman, claimed in a letter to fans that a […]
The Las Vegas Review-Journal went after these teachers for their political action committee. According to the newspaper, the teachers are simply “blinded by its misguided opposition”. I was interested to see what the newspaper would say as to why the teachers were wrong. Instead, the Las Vegas Review-Journal uses the same arguments that have been disproven numerous times.
Presently, the Kansas City Royals lease with the county allows them to make money through a ⅜-cent sales tax. If the team wants to renew or change this number, it must be done through a public vote and with the blessing of the Jackson County Legislature. It has been reported that the Legislature is still waiting for the Royals to answer the most basic questions. For example, what is the language used in the ballot? How much information is on the ballet? Unfortunately, the Royals have not yet provided any direct answers. This means that right now the Royals…
