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Chiefs Sign New Lease with Jackson County
Posted By ChiefsWarpath.com On January 24, 2006 @ 5:09 pm In Latest News | Comments Disabled
[KC Chiefs.com] The Kansas City Chiefs today signed a lease with Jackson County, Missouri officials that will keep the team at the county’s Truman Sports Complex for the next 25 years. The lease was signed in a special ceremony at the Jackson County courthouse in downtown Kansas City. A lease was also agreed to by the Kansas City Royals, the Major League Baseball team that makes its home at Kauffman Stadium, located adjacent to Arrowhead Stadium in the Truman Sports Complex. The signing of the new leases leads the way for the county to put two sales tax issues to finance stadium improvements before Jackson County voters on April 4th of this year.
The Rolling Roof will be one of two ballot measures that county officials are expected to put before voters. One will include a 3/8-cent sales tax increase to raise at least $425 million to pay for the work to the stadiums. A measure to fund the construction of the Rolling Roof that will move between both stadiums to combat inclement weather will be funded by what is known as a “use tax” charged to people in Jackson County who purchase items of $2,000 or more outside of the state. Use taxes are common in counties surrounding Jackson County.
The new lease agreement, which will expire in 2031, includes provisions beyond the sales tax including $50 million in state tax credits and contributions totaling $100 million to be made from the Chiefs ($75 million) and the Royals ($25 million). In addition, the teams have agreed to pay for any cost overruns on work done to the respective stadiums.
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