KANSAS CITY, KAN. — The Kansas City Chiefs have unveiled plans for a new football stadium, as well as a new training facility and surrounding mixed-use entertainment districts for both projects, in Kansas. These initiatives represent a combined economic impact of approximately $4.4 billion, according to Kansas Gov. Laura Kelly.
Under the terms of an agreement reached with the state, the Chiefs will relocate from Missouri to a new domed stadium in Wyandotte County, which encompasses the Kansas side of the city. The new stadium, which has a projected cost of about $3 billlion, is expected to open in advance of the 2031 NFL season.
ESPN reports that the new stadium will have a seating capacity of about 65,000, which is about 10,000 seats fewer than the team’s current home at Arrowhead Stadium in Missouri. The team’s lease at Arrowhead expires after the 2030 season.
The exact location of the new stadium was not announced. But according to The Topeka Capital-Journal, the site will be “generally located at the intersection of interstates 70 and 435.” In addition, ESPN reports that “the Chiefs are interested in having the stadium built near the Kansas Speedway and a retail and entertainment district known as The Legends, which is home to Children’s Mercy Park and the MLS club Sporting Kansas City.”
In addition, the Chiefs will open a new headquarters office and training facility in Olathe, located about 25 miles southwest of Kansas City in Johnson County. Both sites are planned to feature mixed-use developments with retail, residential, hospitality and entertainment uses. Combined, these new districts represent a capital investment of another $1 billion.
Financing for the new facilities stems from a public-private partnership in which the Chiefs have committed to covering 40 percent of development costs. The public portion will be funded through STAR bonds and the Attracting Professional Sports to Kansas Fund. According to state officials, this structure ensures that there will be no new state taxes and no impact on the state budget.
The Chiefs will pay $7 million in annual rent at the new facilities and will contribute $3 million to annual community benefits. The project team expects that as many as 20,000 new jobs could be created during construction alone, with another 4,000 permanent jobs to be created between the stadium and surrounding real estate development. The yearly economic impact is anticipated to exceed $1 billion, based on an independent study conducted by Canyon Research Southwest Inc.
“Today is an extraordinary day in the history of the Kansas City Chiefs,” said Chiefs chairman and CEO Clark Hunt. “We are excited to partner with the State of Kansas to bring a world-class stadium to our fans. The stadium, practice facility and surrounding development will benefit the entire region, and further elevate Kansas City in the eyes of the country and the world.”
— Taylor Williams
‘ The preceding article may include information circulated by third parties ’
‘ Some details of this article were extracted from the following source rebusinessonline.com ’
