Unlike so many political shadow games in this conversation . . . We believe that former council lady Becky Nace is genuinely against new downtown digs for the Royals and would rather keep the K . . . Accordingly, here latest post on the financial deets is at least worth a peek.
Here's the word and the link . . .
A 30 yr Special Obligation Bond issue in the amount of $600m will cost the City of Kansas City approximately $50M a year for debt service repayment.
The current annual direct taxes to City from both teams (which will be lost if Chiefs move and KC uses Royals share to fund debt service) is approximately $18M give or take a couple million.
How much tax growth from surrounding business will it take to fund the $50M a year? Rather, how big will the size of that district be to cover it?
Kansas City currently funds approximately $15M a year for P&L debt service repayment shortfall, and that’s with several refinances.
Honorable mention: The State of Missouri plans to pitch in a yet to be voted on amount also.
Who is Kansas City and The State of Missouri?-Taxpayers
Both will redirect taxes that currently go into their General Funds for other purposes to this project.
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Read more via www.TonysKansasCity.com link . . .
Former Council Member Becky Nace At FB Save The K: Let's Do The Math
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