Missouri lawmakers have approved hundreds of millions of dollars in financial aid to persuade the Kansas City Chiefs and Royals to stay in the state. The move aims to help St. Louis recover from a devastating tornado that caused an estimated $1.6 billion in damage.
The bill, which will be signed into law by Governor Mike Kehoe, includes $100 million for St. Louis and $25 million for emergency housing assistance in areas affected by presidential disaster declarations. The legislation also provides a $5,000 income tax credit to help homeowners and renters offset insurance deductibles.
The Chiefs currently play in Jackson County, but their lease expires in 2031. To retain the team, Missouri is offering bonds covering up to 50% of stadium construction costs, plus $50 million in tax credits for each stadium. The Royals have been exploring options in Kansas and Missouri, with a mortgage taken out on property in Kansas.
The move comes as neighboring Kansas has offered incentives, including 70% funding for new stadiums, which expires June 30. Missouri’s legislation provides unspecified aid from local governments if the teams choose to stay. The Chiefs plan a $1.15 billion renovation of Arrowhead Stadium if they decide to remain in Missouri.
Source: https://www.nfl.com/news/missouri-approves-stadium-aid-for-kansas-city-chiefs-royals-plus-disaster-relief-for-st-louis