Latest news with #SalesTaxandRevenue
Yahoo
5 days ago
- Business
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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.
Yahoo
28-05-2025
- Business
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Kansas City mayor says Royals stadium plan could be done soon
KANSAS CITY, Mo. — Tuesday, Missouri Republican Governor Mike Kehoe said he'll call lawmakers back to the state capitol Monday, June 2, for a special session. Kehoe said the unfinished business of keeping the Chiefs and Royals in the Show-Me State will be near the top of that agenda. A state package to help the teams finance stadium needs died in the Missouri Senate, in part over politics. FBI searching for man who robbed bank near Country Club Plaza Tuesday, Kehoe said his Show Me Sports Investment Act will allow each of the teams to bond up to the annual amount they generate in state tax revenue, but state senators angry the Missouri House had ignored a $500 million infrastructure investment law in part, lead to filibusters that caused the Senate to set the issue aside and adjourn the session early. In Kehoe's mind, getting a package across the finish line is critical to keeping the teams. 'Well, I've talked to not only the owners of both the teams multiple times, but their management, and they have some significant options on the table,' Kehoe said during Tuesday's news conference. 'I believe if Missouri does not put some sort of offer forward, I'm not speaking for either of those teams, I think the risk is real that they don't stay here.' One of those options is Sales Tax and Revenue (STAR) bonds . Those bonds, sold to private investors, are backed by revenues generated by the stadiums and surrounding districts developed or designated by the state. That package expires June 30 but can be renewed for another year. Besides bonding in Missouri, the Show Me Sports Investment Act requires a local contribution for the teams to be able to take advantage of it. That's where people like Mayor Quinton Lucas come into play. Lucas says tax redirections that they have would largely allow for a new baseball stadium, for instance, to fund itself. 'The rental car sales tax at a certain point that's paying for the T-Mobile Center does run out,' Lucas said. 'We look at a renewal that helps supports that long term. That's more resources for it, particularly in terms of annual maintenance, which is something that our Missouri side stadiums have always done well at the Truman Sports Complex, and we want to make sure we keep.' FOX4 asked Lucas whether the rental car tax would require a vote of the people. His answer was yes, but it hasn't been in all of their offers. 'I do believe that this is the sort of thing that if the legislature gets the job done, Kansas City can by ordinance vote, Parks Board vote, be able to have a project ready. I don't think we need a public vote to execute on building and delivering a new baseball stadium.' Lucas added that the city isn't trying to avoid a public vote. 'If this passes that legislative session, the next day you can come to Kansas City. We can get an ordinance passed. We can make sure that we're getting dirt moving on a new stadium.' Tuesday, Kehoe talked about what the teams would invest in the state when it comes to their projects. 'Both the Royals have said this publicly, and the Chiefs have said publicly what remodeling Arrowhead to we think an iconic stadium similar to what Lambeau Field would be just an iconic place to go watch football,' Kehoe said. 'But both of those two projects combined, a new baseball stadium and a new football stadium, and this has been very public is somewhere in 2.5 billion with a B range, up to $3 billion.' The governor's proposal does not come without criticism though. Show-Me Institute Senior Fellow Patrick Tuohey believes the governor's proposal is a bad deal for taxpayers. Download WDAF+ for Roku, Fire TV, Apple TV 'These are very wealthy teams, very wealthy owners in an amazingly profitable industry,' Tuohey said. 'They have plenty of funds to build their own parks, to fund their own renovations. They make obscene amounts of money from television contracts, from ticket sales, from merchandise. They have all the resources they need to spend their own money.' The Chiefs and the Royals did not respond to our email requests for comment in time for our Tuesday deadline. Tuohey added his entity will be sharing more information on the governor's plan soon as they try to get state lawmakers to not support the plan. The special session starts at noon Monday in Jefferson City. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
24-05-2025
- Business
- Yahoo
Kansas leaders not planning on extending STAR Bonds
KANSAS CITY, Mo. — Kansas Lieutenant Governor and Commerce Secretary David Toland is leading negotiations with the Chiefs and the Royals as both teams try to figure out where they'll be playing in 2031. January of that year is when their current leases expire at the Truman Sports Complex. Kansas House Speaker and Wichita Republican Dan Hawkins said he talks with the teams every once in a while, and they're also talking with the Kansas Department of Commerce. Olathe Youth Baseball program shutting down after 70 years of service Hawkins said on Friday that he thinks the teams are close to some sort of proposal that the department would bring to people like him. He also said they don't plan on at least at this time, extending the Sales Tax and Revenue (STAR) Bond package that ends June 30 of this year. With that in mind, FOX4 asked him if he thought the teams would make their stadium decisions in about a month. 'Well, I'm not sure I agree with that,' Hawkins said. 'Actually, I think we've made a very good proposal, and I think that they know we've made a good proposal, and certainly, Missouri hasn't done anything.' Meet baseball's 'Greatest Showman:' The founder of the Savannah Bananas Missouri Governor and Republican Mike Kehoe plans to call his state lawmakers back into Jefferson City in June of this year for a special session regarding the Chiefs and the Royals after the State Senate failed to pass the stadium package earlier in May. Hawkins was on FOX4 Friday as part of Sunday, May 25th's episode of 4 The People. FOX4 will post the full conversation on the website later that day. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
14-05-2025
- Business
- Yahoo
New Missouri funding plan for Chiefs, Royals passes out of House
KANSAS CITY, Mo. — As of Tuesday, there were just three days left in the Missouri state legislative session, and there's a last minute effort from lawmakers in the Show-Me State to try to keep the Chiefs and the Royals. The Missouri State House of Representatives passed a bill Tuesday afternoon that would provide a tax credit for the teams for their stadium projects. What is Royals pitcher Cole Ragans gameday superstition? The discussion went on for about two hours late in the morning and into the afternoon, but it ultimately passed out of the House quite easily. Republican State House Rep. Chris Brown from Kansas City, North proposed the amendment for funding for the Chiefs and the Royals stadium projects in a bill that deals with high school athletes and the creation of a Clay County Sports Complex Authority. The funding would provide a tax credit of up to 10% of the Chiefs and the Royals' investment in their stadium projects of up to $50 million. Brown brought up Kansas' Sales Tax and Revenue (STAR) Bond proposal when explaining why he believed his state needed to act. 'It's Hank Stram to Andy Reid, right?' Brown said on the House floor. 'It's Len Dawson to Patrick Mahomes. Four Super Bowls. It's Willie Wilson to George Brett to Bobby Witt Jr. It's two World Series. These are Missouri teams. They need to stay in Missouri.' Push back came from lawmakers on the east side of the state though, especially because people like Democratic State House Rep. Bridget Walsh Moore haven't gotten what they wanted this session. Kansas City rejects $915,000 settlement for firefighter who caused deadly 2021 crash 'I go home to St. Louis, I say, 'We're giving this big tax credit on top of capital gains, but sorry folks, we're not getting our streets and sidewalks because we didn't vote on that part of the budget. We're not getting another rural hospital,'' Walsh Moore said on the House floor. Walsh Moore was also upset she had just seen the amendment to the bill five minutes before she spoke. Her question to Brown was what should she go back and say to her constituents who would likely benefit less from the package since they're on the east side of the state. 'I would say that the option that if we don't do it is we would lose the Chiefs and the Royals.' The amended bill ended up passing out of the state house 108-40. As of late Tuesday afternoon, the Missouri State Senate was considering the measure. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
05-04-2025
- Business
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Groundbreaking Work: Streetscape, daycare among GBED projects
Apr. 4—With groundwork going on at the future site of the Innovation Center on Farmer's Plaza off of 10th St., Great Bend Economic Development Executive Director Sara Arnberger updated Great Bend Chamber members on several of the organization's projects Thursday during a Chamber Coffee. Groundbreaking will soon begin on a future Hampton Inn hotel fronted by two restaurants on 10th St. next to the Events Center. "Very soon, and we'll have some exciting announcements continuing on from that," Arnberger said. She also said a new Streetscape project is in the works in Great Bend, as well as a daycare center in Claflin. "You get to be one of the first ones to hear this," Arnberger told Chamber members. "We have a new project starting in Claflin shortly, in partnership with the school district there. Around 45 students will be able to attend that center." Another aspect of childcare will be addressed with the completion of the Innovation Center. It will offer after-hours and overnight care, serving the many shift workers in the county. Streetscape GBED is working with the City of Great Bend on a new Streetscape project for downtown. Arnberger said they have been working with the design team LJC — Lamar Johnson Collaborative out of Kansas City — for the last year and a half. The last Streetscape project was in 1996. "Some of those members from that Streetscape project are on our Streetscape project now." The 1996 planners were responsible for adding bricks in the sidewalks and planting trees downtown, making it a beautiful and inviting place, she said. "But, as with everything after 20 years or so, some things need an update. We have been able to work with the design team to create an update that still fits the historic, grounded, traditional roots of our community and of our downtown, but also adding in those modern amenities that are really going to attract young families, young professionals, and keep us moving forward into the next generation." STAR Bond project at Expo GBED is working with Great Bend on a STAR bond project. This multi-million dollar project would enhance the Expo Complex west of town, "as well as partner up with our hotel and restaurant development (on 10th St.)." Sales Tax and Revenue (STAR) bonds were created by the Kansas Legislature in 1999 as a tool for cities and counties to develop major commercial, entertainment and tourism areas. Arnberger said Great Bend is in the final process of gaining State approval for the project. It began in 2022 when GBED started collaborating with designers and talking about with that project would look like. At previous Great Bend City Council meetings, it was explained that the work would include improvements to the SRCA Dragstrip with increased seating, livestock arena, banquet hall with four multi-purpose courts for sporting events, amphitheater, improvements to the existing rodeo grounds and an additional hangar and or restaurant. Innovation Center The Innovation Center, located across the road from the new Bright Beginnings daycare center, could be finished by the end of 2025. "If you have not driven by Farmers Plaza, please do," Arnberger said. "You'll see dirt turning. In fact, yesterday we had the opportunity for our contractors to teach our childcare students all about being on a job site. They got to go sit in some of the excavators and learn about what's going on. We'll do that at several points throughout the project so that they get a first-hand view of what it's like to be on a job site. And hopefully, maybe someday one of them will be the architects or designers or leaders that are doing those big projects."
