Kansas City's $600M Royals Stadium Plan

0:00It's April 17th. Welcome in. This is Kansas News Today, where local news meets AI. I'm Cory with the story. Kansas City just greenlit a big move to keep the royals from jumping ship like the cheese did to Kansas. The City Council approved of $600 million to help build a $1.9 billion stadium south of downtown near Union. Station. It's modeled after Kansas' star bonds that snagged the cheese with a massive subsidy paid by sales taxes from a huge district around their three. Billion dollar stadium. This comes after Jackson County voters shot down a sales tax plan last year for a different royal site. Now the city is crafting its own tool using extra tax revenue from the stadium and a nearby entertainment district to cover the debt over 30 years. City manager Mario Bascaz will negotiate the final details with the team and other agencies. Mayor Quentin Lucas calls it fiscally smart since no new taxes are needed. Just growth from ballgame crowds boosting local spots.

1:01Public finance expert Zach Moore from the University of Kansas says it mirrors star bonds perfectly, capturing value from surrounding businesses to pay. Things off. Key differences though. Kansas sticks to sales taxes only in a broad area. While Kansas City's smaller district taps sales, use, tourism, and utility taxes. The city backs the bonds itself, so of revenues dip, taxpayers could feel it, unlike state back star deals. Experts point to Kansas lessons like sporting Kansas City's stadium paying off early thanks to a smart district size versus the speedway still owing. Millions from a two small zone. With the royal spot already buzzing downtown amid hotels and shops, officials seem set to nail the boundaries and lock in this win for the Missouri side.