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Kansas Secures Chiefs Move: A Touchdown for the State?
24 Dec
Summary
- Kansas will host the Chiefs in a new domed stadium by 2031.
- STAR bonds will fund 60% of the project, generating new revenue.
- Governor Kelly emphasizes the deal protects taxpayers and boosts perception.
Kansas Governor Laura Kelly has officially announced that the Kansas City Chiefs will move from Missouri to a new domed stadium in Kansas, with the transition expected by 2031. This significant development includes plans for a practice facility in Olathe and mixed-use entertainment districts in Wyandotte County.
The deal's financing heavily relies on Kansas' STAR bonds, a program designed to fund development projects by utilizing future tax and revenue generated from the development itself. Governor Kelly assured that Kansas taxpayers will not be at risk, as the STAR bonds are projected to cover 60% of the project's costs through new revenue streams, including sports betting and lottery ticket sales.
Governor Kelly views this agreement as a pivotal moment for Kansas, aiming to change perceptions of the state and position it as an innovative and dynamic place to live. The deal has been described as the largest public subsidy for a sports venue in U.S. history, with Kelly expressing confidence that the STAR bonds will be repaid ahead of schedule, ultimately benefiting the state's economy and elevating its national profile.
