Kansas legislators grill Chiefs attorney on deal

A Kansas City Chiefs attorney told legislators Wednesday that projections show STAR bonds financing the team’s stadium deal will be paid off 10 to 15 years earlier than the expected 30-year term, upping economic benefits for the state.Korb Maxwell, a Chiefs attorney, told legislators the planned $3 billion domed stadium and mixed-use development in Wyandotte County, and a $300 million Chiefs headquarters and training facility in Johnson County, will add to the state coffers earlier than expected.He addressed a joint meeting of the Senate and House commerce committees, where legislators put him on the hot seat for an hour as they attempted to clear up “confusion” and answer constituent concerns about the deal.Most of the questions, couched from different angles, came down to the dollars — how do the economics of the deal work for Kansas, how will Kansans living in the western part of the state benefit and is the estimated $1 billion economic impact realistic?While many specifics of the plan are still in planning stages, Maxwell said, the STAR bonds — or sales tax and revenue bonds — are projected to pay off early, which will then push the revenue to the state’s treasury years ahead of time.The Chiefs project will be funded through a 60-40 public-private partnership, according to terms posted online by the Kansas Department of Commerce. The state’s 60% of funding will come from a mix of STAR bonds and the Attracting Professional Sports to Kansas Fund, which is revenue from iLottery and sports betting.

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