Anticipated as a possibility last year, builders spearheading a large-scale Kansas City, Kansas, development anchored by multiple sports and recreation facilities are returning to local officials, asking for more public assistance in connection with plan changes.
In exchange, the Unified Government of Wyandotte County/Kansas City, Kansas, will put the onus on Homefield LLC to bring even more private investment to the site. The land formerly housed the Schlitterbahn water park and may soon include a new spot for metro area parrot-heads.
Homefield seeks as much as $150 million in sales tax revenue (STAR) bonds across two issuances, or a $20 million uptick from the $130-million maximum UG officials conditionally approved in November 2020.
At that time, the UG stipulated a 50-50% “public-to-private” ratio for an initial bond issuance, or that Homefield commit at least $75 million in private capital before it could receive that much in redirected tax revenues. Another $118.2 million in private dollars were mandated before a second $55 million issuance could take place, about a 32-68% ratio.
A proposed new development agreement restructures the bond issuances while tasking Homefield with a larger private contribution. Should the UG approve the deal, Homefield must lock in $195 million in private capital to unlock $130 million in initial bonds, or a 40-60% in public-to-private funds. That ratio would climb to 30-70%, or about $46.8 million before the remaining $20 million in bonds.