Kansas City, Missouri, would issue $600 million in bonds for a new downtown stadium for Major League Baseball\u2019s Royals under a proposal officials are pursuing months after Kansas lured professional football\u2019s Chiefs over the state line with a massive stadium subsidy.<\/p>\n
Mayor Quinton Lucas and nine of 12 City Council members introduced a proposed ordinance Thursday to allow the city manager to negotiate with the Royals over a new stadium near the city\u2019s historic Union Station and its World War I museum, about 6 miles northwest of the Royals\u2019 current Kauffman Stadium.<\/p>\n
The city expects the new stadium to cost $1.9 billion, and Missouri last year enacted a law allowing the state to cover half, or $950 million. If Kansas City issued its bonds, the Royals would need $350 million in private funds.<\/p>\n
Kauffman Stadium sits beside the Chiefs\u2019 Arrowhead Stadium in the Truman Sports Complex, owned by Jackson County, Missouri, and home to both teams since 1973. Their stadium leases expire in 2031, and in April 2024, county voters rejected extending a tax that would have helped pay for renovations of both. <\/p>\n
The Royals also have considered another site for a new stadium about 5 miles north in neighboring North Kansas City.<\/p>\n
Kansas legislative leaders who would have to approve a deal to attract the Royals have shown little appetite for one after the state committed in December to issuing $2.4 billion in bonds to cover 60% of the cost of a new, $3 billion domed stadium for the Chiefs in Kansas City, Kansas. Two of them, House Speaker Dan Hawkins, a Republican, and Minority Leader Brandon Woodard, a Democrat, issued a joint statement Friday congratulating Missouri, adding, \u201cWe\u2019re looking forward to what\u2019s ahead.\u201d <\/p>\n
The Kansas City, Missouri, City Council could vote on the proposed ordinance as early as Thursday, but City Manager Mario Vasquez said the work toward keeping the team \u201cis just beginning.\u201d<\/p>\n
The team said in a statement Friday: \u201cWe are grateful for their engagement in this process, as well as for the critical work of the State of Missouri, and look forward to more detailed conversations as we consider solutions that are best for our team, our fans, and our community.\u201d<\/p>\n
Economists who have studied pro sports teams have concluded for decades that subsidizing stadiums isn\u2019t worth the cost for their communities because the venues pull economic activity away from other parts of the area instead of expanding the overall economy. Yet states and cities continue providing subsidies to renovate stadiums or build new ones. <\/p>\n
Missouri Gov. Mike Kehoe called the Royals \u201ca key economic catalyst\u201d for his state. <\/p>\n