Economic Development Chief Praises KC Stadium Deal

The state’s top man on economic matters applauds the Missouri Development Finance Board’s approval of a plan to provide $50-Million in tax credits for the Kansas City Chiefs and the Kansas City Royals to help fund renovations at Arrowhead and Kauffman Stadiums. Economic Development Director Greg Steinhoff says these credits will be spread out over four years and will be combined with a huge amount of cash from Jackson County – $450-Million, in fact, raised through a special sales tax. The $575-Million project to spruce up the stadiums ensures the Chiefs and Royals will remain in Kansas City for at least 25 years. Steinhoff says the money used to keep the teams in Missouri pales in comparison to the amount of revenue generated by the teams.