Officials in Kansas City, Kansas, have signed off on multiple bond measures necessary for developers of the $648.1 million Homefield project to hit approved deadlines coming at the end of the year.
Commissioners with the Unified Government of Wyandotte County/Kansas City, Kansas recently greenlit up to $160 million in sales tax revenue (STAR) bonds for the roughly 400-acre project near 94th Street and State Avenue.
Of that total, Homefield LLC can unlock as much as $130 million in public benefit for its multi-sport Homefield Building, Perfect Game youth baseball complex and related infrastructure. The developer must first attract $195 million in private capital, or a 40-60% ratio in public-to-private funds, under a revised agreement approved with the UG in late January.
The UG has restricted $20 million of those STAR bond proceeds, with plans to release $5 million to the developer once its privately funded $85 million, 250-room Margaritaville hotel has broken ground, and the $15 million balance after it opens.
Beyond the $130 million in STAR bond proceeds to finance Homefield’s components, another $10.1 million will be held in a debt reserve fund, while $8.6 million will be used to refund outstanding bonds the UG issued in 2015 for the Schlitterbahn water park.