The Unified Government Board of Commissioners will meet Thursday evening for its regular monthly meeting. The most prominent item on the agenda is the issuance of STAR bonds for the American Royal project, along with changes to the project’s development agreement.
Besides the regularly scheduled meeting at 7:00 p.m., there will be a special meeting at 5:00 p.m. with the full board, plus the mayors and city administrators of each of Wyandotte County’s four cities — Kansas City, Bonner Springs, Edwardsville, and Lake Quivira. The mayor’s office described the purpose of the special meeting very broadly as focusing on budget and collaboration efforts among the leaders.
The proposed changes to the American Royal project will increase the scope of the project from $165 million to $375 million. An expanded livestock exhibit hall and education center are part of the project, which will also add a 75,000 square foot outdoor arena.
$80 million of STAR bonds were approved in 2016 for the original project. The expanded project would require increasing that amount to $155 million.
The state of Kansas has already pledged its portion of sales tax revenue from the development area (including Plaza at the Speedway) to repay the bonds. The proposed plan requires the local portion of the sales taxes in the development area also to go toward repayment.
Plans also call for a Community Improvement District (CID) — a special taxation zone — covering only the American Royal grounds. A one-percent sales tax for repayment of the bonds will apply specifically to that area.
The commission will not vote on the CID at Thursday’s commission meeting. Instead, a public hearing on the CID will take place on May 29.
The amended plan provides for a $25 million payment, in annual installments, from the project developer to a fund controlled by the Unified Government for economic development or infrastructure improvements. The payments would continue until the repayment of the bonds is complete, giving the developer an incentive for the project to repay early.
Other Agenda Items
Besides the American Royal project, the commission will vote on Land Bank holds for two areas where there are opportunities for specialized development — the Quindaro ruins and the 61st and I-70 area.
The commission is seeking proposals for a consultant to develop a master plan for the Quindaro ruins area. The hold area encompasses a triangle roughly between I-635, 31st Terrace, and the Union Pacific tracks parallel to the Missouri River. The commission is also looking for one or two primary developers who could develop projects in the 61st and I-70 area, rather than piecemeal ownership of the properties.
The land bank holds would prevent transfers of properties in those areas out of the land bank, increasing the possibility of coordinated development in the areas.
