After a July approval to sell nearly 11 acres of land to the Kansas City Current, the Port Authority of Kansas City approved as much as $800 million in bonds to be used to help finance the development on the Berkley Riverfront.
Port KC previously approved the sale of 10.71 acres to the Current and signaled its intent to provide incentives for commercial projects and public infrastructure for a new “game day” street, a new retail plaza, apartment and office buildings. parking garages and dock access along Berkley Riverfront.
On Monday, Port KC commissioners approved its intent to issue taxable revenue bonds not to exceed $800 million. According to project specifics laid out during the meeting, the Current will invest $35 million in the project’s infrastructure.
The entire development is expected to generate $30 million in payments over 25 years to taxing jurisdictions and $13 million in incremental payments from the Current stadium over its initial term.
The team also is allocating 10% of the multifamily units to be affordable for renters earning up to 50% of the area’s median income, roughly 104 affordable units altogether.
Read more in the Kansas City Business Journal.