Chiefs, Royals sign lease extensions
Kansas City, MO – The owners of the Kansas City Chiefs and Royals on Tuesday signed agreements that would keep them in Kansas City through 2031.
But the new stadium leases also require approval by Jackson County voters of two tax issues in April; those issues would help pay for almost $800 million in renovations at Arrowhead and Kauffman stadiums.
The teams' current leases don't expire until 2015. But county officials say they've run out of money to repair the 30-year-old stadiums and worry they might default next year.
The plan calls for a 3/8-cent sales tax to raise $425 million. The teams will pay another $100 million and the state will kick in $50 million in tax credits.
A second user tax charged on large items bought from companies outside Missouri would help pay for a $200 million rolling roof over the stadiums. The NFL has awarded Kansas City a Super Bowl next decade, but only if Arrowhead gets a roof to keep out the cold.