Latest news with #ShowMeSportsInvestmentAct
Yahoo
2 days ago
- Business
- Yahoo
Looking ahead to Missouri special session, Show Me Sports Investment Act
KANSAS CITY, Mo. — The Missouri General Assembly's special session reconvenes Monday, and it's the House side of the rotunda's turn in Jefferson City. The state Senate passed a trio of bills last week, one providing a plan to fund up to half of stadium projects for the Chiefs or Royals or Cardinals in St. Louis. The Missouri State House will consider the Show Me Sports Investment Act. The stadium funding bill sets the framework for the Royals and the Chiefs to pay back some of the costs for new and renovated venues. Construction bonds would be paid back using tax money generated at the stadiums and would cover up to 50% of the cost to build it. The teams would have to qualify to have access to that money. The stadiums would need to be built for football or baseball, have more than 30,000 seats, and cost at least half a billion dollars. On Sunday, Rudi Keller, the deputy editor of the Missouri Independent, discussed what could happen as the special session continues this week. Kansas City superheroes assemble behind local child battling cancer 'A member of the House budget Committee who will consider the spending bill on Tuesday said there is an assumption the House will pass this, and that's correct. I also talked to the Chair of the House Budget Committee earlier today, and it turns out he's not going to be demanding anything new. So as long as there aren't serious demands that endanger the bill from the House, much as the way demands from Senators resulted in a change to the call, I'm anticipating this will go relatively smoothly this week,' Keller said on 4 The People. The stadium funding bill does not have the words 'Royals' or 'Chiefs' in it, but a big reason for the calling of this special session was to find a way to keep both teams in the state and counter the plans of Kansas lawmakers. Nearly a year ago, the Kansas legislature approved a bill to utilize STAR bonds to cover stadium construction costs. The deadline for that bill is coming up at the end of June. 'If Kansas believes that we could really be in the conversation, you could see some limited extension,' said Kansas Senate President Ty Masterson. 'The way the law is written, it could be extended for up to a year. I don't see that happening.' You can watch the full conversation with Masterson and Keller here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
6 days ago
- Business
- Yahoo
Nashville and Salt Lake City have reached out to Royals, Missouri senator says
JEFFERSON CITY, Mo. — Day three of Missouri's special session was off to a very slow start Wednesday afternoon. Lawmakers were supposed to gavel in at 10 a.m.—but as of 1:45 p.m., that hadn't happened. Private deal-making is likely going on after Republican Governor Mike Kehoe brought back state senators Monday to try and get a deal passed for the Kansas City Chiefs and Royals. A package for the teams passed out of the Senate Committee on Fiscal Oversight Tuesday. The package, called Senate Bill 3, is supposed to be brought up on the Senate floor Wednesday afternoon. Republican State Senator Kurtis Gregory of Saline County and Marshall, Missouri, supports Gov. Kehoe's Show Me Sports Investment Act. It allows the teams to bond up to the amount that they generate in tax revenue the year of their application. During Tuesday's committee meeting, Gregory said Nashville, Tennessee, and Salt Lake City, Utah, have both reached out to the Royals within the past 24 hours. 'Let's say we get 20 years in, and the city of Nashville or Salt Lake City, which both I have learned over the last 24 hours have actually made sales pitches to the Royals, makes one that they absolutely cannot turn down, and they say, 'we're going to move,'' Gregory said to the committee Tuesday. 'Then the sports team has to pay back all the money that the state of Missouri has spent on those bond payments throughout that period of time, so that's the responsible portion of this. There is a claw back provision to it.' The Royals have not confirmed what Senator Gregory said. He was just put on the Fiscal Oversight Committee on Monday; state Senate President Cindy O'Laughlin got a definite 'yes vote' on that nine-member committee by putting him on – and he's the sponsor of Senate Bill 3. Tuesday's vote ended up being 6-3. FOX4 will continue to follow developments from the State Capitol Wednesday afternoon and evening. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
28-05-2025
- Business
- Yahoo
Governor Kehoe announces special session
JEFFERSON CITY, Mo. (News-Press NOW) — During a press conference at the Missouri State Capitol, Governor Mike Kehoe announced he has issued an official call for a special session aiming to do a few different things. The session will allow legislators to discuss providing resources to families affected by recent severe storm systems, driving economic development through a tax incentive program and make critical budget appropriations, which will impact Missourians across the state. The General Assembly will convene for the First Extraordinary Session of the First Regular Session in Jefferson City at 12 p.m. on Monday, June 2, 2025, to begin considering Gov Kehoe's priorities. We are proud of all that the General Assembly accomplished during the regular legislative session, but there is still work left to be done," said Gov. Kehoe. "We call on legislators to use this special session as a rare opportunity to support our vulnerable neighbors in their time of need, drive economic development, and make transformative investments in our state. This work is too important to leave unfinished. Several severe storm systems have impacted Missouri over recent months, resulting in the loss of life, as well as significant damage to homes, businesses and public infrastructure. Gov. Kehoe's call for a special session includes legislation to assist Missouri families impacted by recent severe storm systems in areas included in a request for a presidential disaster declaration, like St. Louis. The call includes: * Legislation establishing an income tax deduction for insurance policy deductibles incurred by homeowners and renters due to damages caused by severe weather. * Deductions shall not exceed $5,000 per household per disaster in any calendar year. * Legislation enhancing the utility of the Missouri Housing Trust Fund, administered by the Missouri Housing Development Commission, by expanding eligibility and removing administrative burdens and costs to expedite housing activities and to expand income eligibility for emergency aid. * Appropriating $25 million to the Missouri Housing Trust Fund for general administration of affordable housing activities and to expand income eligibility for emergency aid. In terms of driving economic development, Gov. Kehoe is calling on the General Assembly to help retain both the Kansas City Chiefs and Royals by enacting legislation establishing economic development tools for athletic and entertainment facility projects of professional sports franchises through the Show Me Sports Investment Act. Both the Royals and the Chiefs drive billions of dollars in economic activity through tourism, job creation and small businesses, like hotels, restaurants and retail. The impact of retaining these teams includes: * The Kansas City Chiefs contribute $575 million annually in economic value and over 4,500 jobs in Jackson County alone, bringing the State of Missouri nearly $30 million in annual tax revenue. * a new Royals ballpark district is expected to support 8,400 jobs and generate $1.2 billion in economic output annually. Gov. Kehoe's call also includes: * Enacting legislation to extend the sunset date on tax credits for amateur sporting events. * Appropriating $25 million for the University of Missouri for the planning, design and construction of the Radioisotope Science Center at the University of Missouri Research Reactor (MURR). * Appropriating funding from funds other than the General Revenue Fund for purposes provided for in the Senate Substitute for Senate Committee Substitute for House Committee Substitute for House Bill 19 in the 2025 regular legislative session.
Yahoo
28-05-2025
- Business
- Yahoo
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.
