Don't worry it doesn't really matter. Time stands still for billionaires and bureaucrats. KC's $850 million is certainly worth the wait.
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- The Management
Almost everyone talking about this topic is low-balling the numbers. Even the guy with that rhyming video about Glass' and Hunt's names was too kind to the owners when he said they wanted only $425 million from taxpayers.
ReplyDeleteThe total cost of the teams' new leases is about $1.4 billion over 25 years, most of it from taxes.
New sales tax: $850,000,000 (at 1 percent annual sales growth)
New use tax: $170,000,000
New state tax credits: $50,000,000
Teams' construction expense: $100,000,000
Team rents: $67,500,000
Jackson County maintenance subsidy (continues): $87,500,000
Kansas City maintenance subsidy (continues): $50,000,000
State maintenance subsidy (continues): $75,000,000
Total take:
$1.45 billion.
How would it be spent?
Renovation construction costs: $475,000,000
Interest on construction bonds: $275,000,000
Teams' self-paid renovations: $100,000,000
Roof cost: $170,000,000
Chiefs' roof cost: $30,000,000
Maintenance and future renovation: $430,000,000
Total $1,480,000,000
That's right. The new leases will produce at least $430 million in maintenance and renovation reserves over 25 years. That's as much as the campaign is telling us will be spent on construction.