Latest news with #OccidentalManagement
Yahoo
3 days ago
- Business
- Yahoo
Royals affiliate strikes deal to take ownership of former Sprint campus
OVERLAND PARK, Kan. — Multiple sources have confirmed to FOX4 that a Royals-affiliated company has reached an agreement that will give it ownership of the Aspiria campus. The deal between Wichita-based Occidental Management and the Royals affiliate means there will be no foreclosure that could have tied the property up during the process. Late in May, FOX4 confirmed that the team affiliate purchased the troubled mortgage. 'Turn yourself in': KC Mothers in Charge founder speaks on teen girl killed in shooting The Kansas City Business Journal also reported that Occidental, the former owner of the old Sprint campus, had until Aug. 9 to make a more than $230 million balloon payment. The campus northwest of 119th and Nall is now known as Aspiria. Monday's confirmation does not mean the Royals new stadium is moving to the Aspiria campus—but it does mean the group that bought it has control to do what they want, barring approval from leaders at Overland Park City Hall. Fiserv, for instance, announced plans earlier this year to build a tech hub with 2,000 jobs on the Aspiria campus. Before FOX4 confirmed the news late Monday afternoon, we spoke with former Jackson County Democratic Legislator Dan Tarwater – the brother of Kansas Republican State House Rep. Sean Tarwater, of Stilwell. When it comes to the idea of a baseball stadium going up in Kansas, Dan wonders where the new sales tax revenue would come from to help pay off the project. On Thursday, Sean told FOX4 that Sales Tax and Revenue (STAR) Bonds are triggered based on an increase in sales taxes from new commerce. 'It may be in the neighborhood of $300 or $400 million dollars,' Dan said regarding how much he thought a STAR Bond could generate for the Royals. 'That is nowhere near the $1.5 billion or $2 billion, if you have a stadium with a roof on it.' Dan estimates $2 billion is what it will cost to build a new Royals stadium with a roof. The team has never talked publicly about putting a roof on their stadium, though. FOX4's next question Monday was whether Dan thought the Royals could win a vote of the people on the Missouri side to continue getting county sales tax dollars in Jackson County. 'The Royals could win an election – but not in the political climate that we have right now,' he said in response. Dan added that people like him and former Jackson County Sports Complex Authority Chair Mike Smith had all the contracts in place prior to the 2006 vote. The bonds for the stadium improvements that county taxpayers approved at that time for GEHA Field at Arrowhead Stadium and Kauffman Stadium will not be paid off until 2031. Smith and Dan Tarwater work together at the Twin Lakes Insurance Company in Lee's Summit. 'Look, I don't think the Royals are going there (Aspiria). Why would they renew the leases?' Smith said to FOX4 Monday, talking about the existing and future businesses at Aspiria campus. Smith said our area is short of the manpower it would take to build a stadium, too. FOX4 asked Smith if a shortage in labor means the Royals need to make an announcement soon on where they plan to build their new stadium. 'Well the Royals can always play at the K in 2031,' Smith said in response. 'I mean look, if I'm them, I'm going to keep my cards against my chest as long as I can before I play my ace and win or lose.' FOX4 reached out for independent confirmation from the Royals that their affiliate had taken over control of the Aspiria campus. As of early Monday evening, we have not heard back. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Solve the daily Crossword
Yahoo
30-05-2025
- Business
- Yahoo
Real estate attorney shares potential future of Aspiria Campus
OVERLAND PARK, Kan. — More details were revealed on Thursday, May 29, about the mortgage purchase an affiliate of the Kansas City Royals made on the old Sprint Campus, now known as Aspiria. The team confirmed the news with FOX4 on Wednesday, but said no stadium decision has been made yet. According to the Kansas City Business Journal, Occidental Management, which owns the property northwest of 119th and Nall, needs to make a more than $232 million loan payment by August 9. ACLU accuses Leavenworth facility of breaking the law, violating ICE detainees' rights Levy Craig Law Firm Real Estate Attorney Tracey Steele said on Thursday that the Royals' affiliate didn't buy this mortgage to give the borrower, Occidental Management, better loan terms. They have their own agenda for the property. 'We don't know if they actually want to build a stadium there or if this is about leverage in negotiating with lawmakers, you know, both in Missouri and in Kansas,' Steele said. When the Royals confirmed the affiliate's mortgage purchase Wednesday, the team said they still had not determined where they wanted to build their new stadium. Steele says that if Occidental Management can't make that payment in two and a half months, the property could be foreclosed on. 'The Royals' affiliated entity, they're not a bank, but they are the lender,' Steele said. 'They're the holder of the mortgage. They're the entity that has security interest in this piece of property, so if they foreclose, they will get the deed.' The August 9 timeline falls after the Missouri Legislature returns for a special session where a stadium package will be discussed. It also falls after the Sales Tax and Revenue (STAR) Bond package expires on June 30 in Kansas. The STAR Bond package can be extended for another year. Steele says the affiliated entity buying the mortgage on the property allows the Royals to talk to Missouri lawmakers about the opportunity that they could have in Kansas. 'They can say, 'We have this Special STAR Bond that we can use to incentivize this development in Overland Park,'' he continued, talking about the Royals. 'We have a piece of property in Overland Park that we don't own yet, but we have an interest in that land that may turn into full ownership of the land in August, so if you don't give us a sweet deal to develop somewhere in Missouri, we already have bird in hand in Kansas.' Kansas Policy Institute Chief Executive Officer Dave Trabert says he hopes Kansas' Legislative Coordinating Council (LCC), made up of State House and State Senate leadership, does not extend the STAR Bond offer. The LCC can do that without having the full State House and State Senate vote on it. Lawrence police searching for person who stabbed elderly woman 'It would be sad if they did, given that this is the same legislature that was unable to do property tax relief as they promised for individual property owners, some of whom are being taxed out of their homes, to turn around and give billion-dollar subsidies to private entities. [That] would be a real slap in the face, as well as bad economic policy,' Trabert said Thursday when asked about the possibility that the LCC extends the STAR Bond package. FOX4 reached out to the office of LCC Chair and Republican State Senate President Ty Masterson Thursday afternoon to see if they were interested in extending the STAR Bonds. Masterson's spokesman said that an extension would most likely be short-term and would be decided at a date closer to the deadline. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
