(04-04-2024, 12:27 PM)Predator Wrote:

(04-03-2024, 08:12 AM)p_rushing Wrote: The Chiefs got voted down for their and the Royals tax for 40 years to improve Arrowhead and build a new baseball stadium.

It's an interesting input for the city. Not sure a city wide vote would pass in Jacksonville either, so I wonder if this impacts how the city reps will vote on the funds.

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They wouldn't be increasing the tax rate. They currently have a Jackson County 3/8% sales tax that only funds Arrowhead and Kauffman stadiums and runs through 2031 paid. They were going to repeal that tax and the add back a 3/8% tax that would include the Royals Stadium and extend the tax for 40 years.

It will total $1 billion in tax revenue over 40 years, but the crazy part is they would have to use $200 million to pay off debt they have on their Truman Sports Complex, $500 million would go to interest leaving the Royals with $300 million to pay for a $1 billion dollar stadium.

The Royals planed on coming up with another tax deal with the State of Missouri and just KC proper and not the whole county to cover the $700 million shortfall.

They also was an issue with the lease agreement between the the two teams and the county that never got fully negotiated before the vote with the drafts made public just a few days before the vote and were apparently very once sided for the teams.

Another thing to consider is that the population of Jackson County is almost 300k less than Duval and not growing, so the tax burden could start to weigh heavy on Jackson County and KC especially since they haven't even come up with the actual plan to pay the remaining $700 million. Jackson County could find itself already committed to selling the municipal bonds for the 1st billion before the the $700 million fund raising gets finalized leaving the Royals in a very advantageous position that could allow them to exploit KC on the terms of the new funding because they would be financially committed to build the new stadium and the Royals could start saying the underestimated the actual cost and basically extort the city for more money.

That is a good break down. Appreciate the feedback and facts on why it "failed". Missouri is sneaky expensive state. The personal property taxes killed us each year when we lived there. We moved there from Flordia and were not prepared for the following:

State Income tax without deductions for kids
City Tax for working in St Louis
Personal property tax on value of 2 cars
Full Sales Tax on food and produce
Dual City tax on household goods - We lived in an area where they built half of a Walmart in one "city" and the other in the other "city". Yeah they added tax up to 13.5% on household purchases.

I think I would have voted no as well.

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