Wyandotte County approves first bonds for Homefield development
Officials in Kansas City, Kansas, approved several bond measures necessary for developers of the $648.1 million Homefield project to meet approved deadlines by year’s end.
Wyandotte County/Kansas City, Kansas Unified Government Commissioners recently approved up to $160 million in Sales Tax Revenue Bonds (STAR) for the approximately 400-acre project near 94th Street and State Ave.
Of this total, Homefield LLC can unlock up to $130 million in public benefits for its Homefield multi-sport building, Perfect Game youth baseball complex and related infrastructure. The developer must first attract $195 million in private capital, a ratio of 40-60% public to private funds, under a revised deal approved with UG in late January.
UG has restricted $20 million of the proceeds from those STAR bonds, with plans to release $5 million to the developer once its privately funded $85 million, 250-room Margaritaville Hotel begins, and the balance of $15 million after opening.
Beyond the $130 million in proceeds from the STAR bonds to fund Homefield components, an additional $10.1 million will be held in a debt reserve fund, while $8.6 million will be used to repay the outstanding bonds that UG issued in 2015 for the Schlitterbahn water park.
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