The committee has proposed rezoning a 68-acre area located south of Pershing Road, west of Gillham Road, north of E. 27th Street, and east of Main Street. This includes recommendations from the Tax Increment Financing Commission to establish a new stadium impact area policy. Additionally, they suggested issuing around $600 million in bonds to cover the city’s share of a $1.9 billion stadium project. The Kansas City Royals are also planning a billion-dollar mixed-use development and a revamped Crown Center in collaboration with Hallmark Cards, which will be privately funded.
Councilman Crispin Rea remarked, “This is a long investment, a large investment; the stakes are very high.” Before the city can issue the $600 million in bonds through the Missouri Development Finance Board, it needs to ensure there will be sufficient tax revenue over the next 30 years to manage an estimated $1.4 billion in debt service.
