Missouri Gov. Mike Kehoe signed a bill into law Saturday that establishes a framework to use tax dollars to help pay for stadium projects. The goal is to keep the Chiefs and Royals from leaving for Kansas. Legislators passed Senate Bill 3 during a special session earlier in the month at the request of Kehoe. The move comes nearly exactly one year since Kansas passed a law to lure the teams across the state line. Missouri’s law creates the Show-Me Sports Investment Act. It allows the state to redirect income and sales tax dollars generated by the people working and buying things at a stadium from state coffers to pay off construction or renovation of a stadium. The mechanism can pay for up to 50 percent of a stadium project. Eligible projects must cost at least $500 million total, include 30,000 seats, and serve an NFL or MLB franchise. Missouri’s proposal requires local cities or counties where a stadium is located to also contribute public financing to the project . Kansas’ STAR bonds law expires June 30, unless the Legislative Coordinating Council decides to extend the offer for another year. The Kansas law would use sales tax generated at a stadium and surrounding entertainment district to pay for up to 70 percent of a stadium project. Both Kansas City-based teams said this week they’re evaluating their options. The Missouri legislature also passed bills during the special session to fund capital projects like a mental health facility in Kansas City and provide more storm relief funding to St. Louis after tornadoes hit the city in mid-May.
CONTINUE READING