The council's decision approves a Tax Increment Financing (TIF) plan and bond authorization to help fund the $600 million commitment made by the city for the $1.9 billion project.
The Kansas City Council has approved a financing plan for a proposed downtown Kansas City Royals stadium development. Councilmembers voted on Thursday to proceed with a proposal to manage an estimated debt service of nearly $1.4 billion. The approval establishes a Tax Increment Financing (TIF) plan and authorizes bonds to support the city's $600 million commitment toward the overall $1.9 billion project.
Mayor Quinton Lucas praised the vote, stating it keeps Major League Baseball and Hallmark Cards in the city while creating a transformational baseball district. A council committee also recommended rezoning the designated site bounded by Pershing Road, Gillham Road, East 27th Street, and Main Street.
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