KANSAS CITY, Mo. (KCTV) — The Kansas City Current is another step closer to expanding CPKC Stadium, adding more parking and new amenities to the area.
The next steps were approved at Tuesday’s Finance, Governance, and Public Safety Committee meeting. The City of Kansas City is looking at providing up to $185 million in funding for the project instead of the initial $235 million recommendation.
“This is probably one of the better stadium projects you’ll see not just here in Kansas City, but around the country in terms of how you do a public-private partnership without huge bond authorizations from the City of Kansas City and the taxpayers themselves,” said Kansas City, Missouri Mayor Quinton Lucas.
The project comes as residents are moving in at the new River’s Edge Residences and Confluence Residences. KC Current is expecting the bars and restaurants there to open in late September.
The expansion will bring CPKC Stadium to a capacity of 18,000.
This new project will bring even more housing, along with other improvements to the area that was just a field four years ago.
“We want this to be a project that benefits everyone,” said Palmer Square Capital Management Partner Mukul Sharma.
The project is estimated to cost a total of $1.4 billion. They are planning to fund it with private and public dollars.
Mayor Lucas said the majority of the funding from the City will come from sales tax revenue within the district and the stadium.
“This is actually debt being taken on by the Kansas City Current itself. While they wanted a city debt guarantee to work out the financial terms, they’re also ensuring that they will have funds to cover the payments, offering a debt wrap to make sure really that there is not exposure to the City of Kansas City,” said Mayor Lucas.
Just as with their other projects, KC Current expects this to move fast.
“This isn’t a type of project that you’ll see renderings and then in action for a number of years. We want to move as fast as possible because, frankly, we want to deliver this amenity for Kansas City as quickly as humanly possible,” said Sharma.
The City Council will hear this proposal at Thursday’s meeting. There is no set timeline for when the Current will break ground on this next project.
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