"According to the agreement, the Chiefs are responsible for 40 percent, or $1.2 billion, and Kansas will pay the remaining 60 percent, or $1.8 billion, for this new stadium. Any unexpected, accrued costs will be covered by the Chiefs. That 60 percent will be paid by the state's Sales Tax and Revenue (STAR) bonds. No additional tax increases are expected as a result of the new stadium build."
"STAR bonds function by allowing the state to pay up-front for the development, with the bonds then being paid off over time by tax revenues, sports betting, lottery tickets and other means. This is a very conservative, thoughtful, protective approach to this. Kansas taxpayers will not be at risk at all for this, Kansas Governor Laura Kelly (D) told The Athletic."
"Clark Hunt: the biggest Welfare King in America, Boyle wrote on X, Billions of taxpayer money going to this billionaire, while working people suffer. Just a disgrace."
The Kansas City Chiefs plan an elaborate $3 billion stadium and new headquarters with an intended relocation by the 2031 season. The funding splits the cost 40 percent ($1.2 billion) from the Chiefs and 60 percent ($1.8 billion) from Kansas using Sales Tax and Revenue (STAR) bonds, with the Chiefs covering any unexpected accrued costs. The team will pay $7 million annually in rent, with $350,000 allocated for governmental administrative costs. Kansas projects 20,000 construction-phase jobs and $4.4 billion in economic impact, and the move requires NFL approval by October. Clark Hunt’s estimated net worth is $1.6 billion, prompting public criticism over taxpayer funding.
Read at www.mediaite.com
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