Marina
In a decisive move to retain the Kansas City Chiefs and Kansas City Royals, the Missouri Senate has passed a comprehensive $1.5 billion incentive package.
This legislation aims to counteract Kansas’s competing offer and prevent the relocation of these iconic sports franchises.
Legislative Overview
The approved plan includes:
- State Bonds: Authorization to issue bonds covering up to 50% of stadium project costs.
- Tax Credits: Provision of up to $50 million in tax credits.
- Disaster Relief: Allocation of $100 million for tornado recovery in St. Louis.
- Emergency Housing: $25 million earmarked for emergency housing assistance.
- Insurance Deduction: A $5,000 income tax deduction to offset insurance deductibles in disaster-declared areas.
- Research Funding: $50 million dedicated to a nuclear research reactor at the University of Missouri.
Stadium Financing Details
The incentive package specifically addresses the needs of both teams:
- Kansas City Chiefs:
- Proposed $1.15 billion renovation of Arrowhead Stadium.
- Renovation timeline: 2027–2030.
- State to cover 50% of renovation costs.
- Kansas City Royals:
- Plans for a new $2 billion stadium in downtown Kansas City.
- State to fund up to 50% of construction costs.
- Additional funding contingent on local government support and potential voter-approved tax incentives.
Comparative Incentives: Missouri vs. Kansas
| Feature | Missouri Offer | Kansas Offer |
|---|---|---|
| State Bond Coverage | Up to 50% of project costs | Up to 70% via STAR bonds |
| Tax Credits | Up to $50 million | Not specified |
| Local Government Support | Required | Required |
| Offer Expiration | Not specified | June 30, 2025 |
| Clawback Provisions | Yes, if teams relocate | Not specified |
Stakeholder Perspectives
- Chiefs Lobbyist Rich AuBuchon: Described Missouri’s offer as “legitimate” and “competitive,” emphasizing the state’s commitment to retaining the team.
- Royals Lobbyist Jewell Patek: Expressed optimism about the state’s proposal, stating, “We love the community, we love the state… this is a step in the right direction for Missouri.”
- Economists and Critics: Some argue that public funding for stadiums may not yield the promised economic benefits and could divert resources from essential public services.
Next Steps
The legislation now moves to the Missouri House of Representatives for consideration. A final decision is anticipated before the June 30, 2025 deadline, coinciding with the expiration of Kansas’s competing offer.
Missouri’s proactive approach, encompassing substantial financial incentives and disaster relief funding, underscores the state’s commitment to retaining the Kansas City Chiefs and Royals.
The forthcoming decisions by the teams and the Missouri House will be pivotal in shaping the future of professional sports in the region.