Missouri Gov. Mike Kehoe today pitched a plan to keep the Chiefs and Royals in the state that “centers on bonds and other aid that would pay for up to half the cost of new or upgraded stadiums for the teams.” A summary of the plan said that the teams’ stadium investments could “be eligible for tax credits” worth up to $50M. The measure would “hand the Chiefs and Royals a large incentive to remain in Missouri without first requiring the teams to commit to a specific stadium location.” Kehoe put the total value of the package at over $3B. The proposed program offers funding for stadium development by “covering annual bond payments up to the amount a team generated in state tax revenue in the year prior to when it took effect.” The proposal sets a minimum project cost of $500M to qualify and stadiums must have a seating capacity exceeding 30,000. The legislation said that total state dollars “will not exceed” 50% of total project costs. The Missouri Department of Economic Development would “oversee the program” (K.C. STAR, 5/13).
Missouri Gov. pitches plan to keep Chiefs, Royals
