Kansas wants to create a sports authority to own the new Kansas City Chiefs stadium. Public rather than private ownership of the stadium will shield more than $1 billion from being collected as income taxes. Kansas has agreed to finance 60% of $4 billion in stadium projects. Those projects include a 65,000-seat domed stadium in Kansas City, Kansas, and other developments near the Legends and in Olathe. Kansas will fund the stadium using sales tax and revenue bonds, or STAR bonds. Those bonds take out debt that will be repaid with future sales tax dollars from inside a stadium district. A sports authority means the stadium will be publicly owned, which means the money collected to repay the bonds won’t be subject to income taxes. If the stadium was privately owned, the revenue being collected to repay the bonds would be subject to income taxes. Supporters say creating the sports authority prevents the Chiefs from being taxed over $1 billion.
Read more: Johnson County Post
