KANSAS CITY, Kan. -- The future development of land near the Kansas Speedway will be the focus Thursday night in Kansas City, Kan., as the public gets a chance to voice their opinion on two projects requesting tax breaks: the American Royal and the U.S. Soccer Training Facility.
During the meeting Unified Government leaders will share the success story of using STAR bonds to build Village West. Those bonds were paid off years ahead of schedule, and now the county and state will have millions of more dollars in sales tax revenue every year to spend however they wish.
Developers hope to use the STAR bonds, which means sales tax collected in the area will be used to pay off the debt, to build two areas and an exhibition hall for the American Royal to complete their move from the West Bottoms. The total cost of that project is $160-million.
The City Council also plans to hold a public hearing on giving out tax breaks for the new National Soccer Training Complex being built near Schlitterbahn. The city wants to issue $90-million in Industrial Revenue Bonds, which means the government takes on the debt but the developer makes the payments. They also want to exempt US Soccer from paying property taxes for ten years.
Unified Government officials believe by giving out tax breaks, they can continue to attract big developments to western Wyandotte County, with massive financial rewards after those tax breaks expire.