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File #: 220440    Version: 1 Name:
Type: Ordinance Status: Passed
File created: 5/12/2022 In control: Council
On agenda: 5/26/2022 Final action: 5/26/2022
Title: Authorizing an application to the Missouri Development Finance Board for the authorization of state tax credits in the amount not to exceed $6,000,000.00 to make possible the development of the Kansas City Current Stadium in the Berkley Riverfront district, in Kansas City, Missouri; and authorizing the City Manager to execute a tax credit agreement in the event that the application is approved.
Sponsors: Eric Bunch
Attachments: 1. Fact Sheet, 2. 220440 Fiscal Note, 3. NPD 5.18.22 Slide Deck, 4. Authenticated Ordinance 220440
ORDINANCE NO. 220440

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Authorizing an application to the Missouri Development Finance Board for the authorization of state tax credits in the amount not to exceed $6,000,000.00 to make possible the development of the Kansas City Current Stadium in the Berkley Riverfront district, in Kansas City, Missouri; and authorizing the City Manager to execute a tax credit agreement in the event that the application is approved.

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WHEREAS, the City previously conveyed certain real property in the Berkley Riverfront area to the Port Authority of Kansas City, Missouri ("Port") for nominal consideration with hopes revitalizing the area, which had been previously used as a heavy industrial, manufacturing, and dumping site; and

WHEREAS, Port KC has entered into an agreement with KC WFC STADCO, LLC for the lease of the Parcel 8 of the Berkley Riverfront area to provide for the development of an 11,500-capacity stadium to be primarily used by Kansas City's local National Women's Soccer League affiliate, the Kansas City Current (the "Current"); and

WHEREAS, the stadium, which represents almost $120 million dollars in new investment in the riverfront, will be an anchor entertainment amenity, accelerating further development of the Berkley Riverfront into a fully established vibrant, dense, walkable, urban area, and the project will include substantial improvements, including millions of dollars in investment in public infrastructure improvements, that are expected to prepare additional vacant parcels in the Berkley Riverfront area for future development; and

WHEREAS, the announcement of the proposed stadium has already led to inquiries from other developers considering projects in the Berkley Riverfront area; and

WHEREAS, the Current is a premier professional team, featuring World Cup, Olympic and NWSL champions, with matches are broadcast on CBS Sports Network, Paramount+, Twitch, and local broadcasts; and

WHEREAS, the ...

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