American Royal gets land near Kansas Speedway, Legends for new complex

Business
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KANSAS CITY, Kan. — The American Royal has secured the 115 acres in Kansas City, Kan., where it plans to build its new $250 million home, the nonprofit announced Tuesday.

The organization bought 47 acres of that land earlier this year. More recently, the Patterson Family Foundation acquired 80 additional acres and leased 68 acres to the American Royal. It’s unclear from the release what the foundation will do with the remaining 12 acres.

Originally, the American Royal had set an $80 million fundraising goal to meet half of the cost for the proposed facility. It also planned to seek $80 million in sales tax revenue, or STAR, bonds to cover the remaining half of the project. Kansas uses STAR bonds to provide cash upfront for entertainment or tourism projects and are repaid with sales tax revenue over time. In 2018, the price tag for the project jumped from $180 million to $200 million.

Read more about the American Royal’s new home in the Kansas City Business Journal.

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