SBD/Issue 87/Facilities & Venues

Proposed MLS Wizards Stadium Could Earn Final Approval Today

Proposed $414M Development Would Include
18,000-Seat Stadium For MLS Wizards
Wyandotte County (KS) commissioners today will meet to "consider and possibly approve" an agreement for a $414M development that would bring a new MLS Wizards stadium to the area, according to a front-page piece by Kevin Collison of the K.C. STAR. The project, developed by Wizards Owner OnGoal LLC and Lane4 Property Group, calls for an 18,000-seat stadium "to be completed by the 2012 soccer season." The agreement culminates more than "four months of negotiations among the developer, the state of Kansas and Wyandotte County." In addition to the soccer stadium and an office complex for Cerner Corp., the development calls for "construction of an 18-field youth soccer complex capable of hosting national soccer tournaments." The project is being subsidized with $85M in state tax credits and cash, and $144.5M in STAR bonds. Those bonds would be "repaid from sales tax revenues generated by the merchants at the Village West development, the site of the proposed stadium." County officials indicated that "at that rate, the STAR bonds originally issued for Village West would be repaid in 2014." Cerner as part of the deal has agreed to bring 4,000 new jobs to the county, but if the company "fails to fulfill its job obligation," a $30.4M penalty "must be paid by Kansas Unified Development, the development entity formed by OnGoal and Lane4 for the project" (K.C. STAR, 1/19).

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