December 18, 2008

Chiefs get another $25m in tax breaks

The Kansas City Chiefs got their money:

The Missouri Development Finance Board unanimously approved $25 million in state tax credits Tuesday for what is expected to be a $50 million project to build a new indoor training facility at Missouri Western State University in St. Joseph, improve Arrowhead Stadium and make infrastructure upgrades at the Truman Sports Complex.

The Kansas City Star adds: "Unlike many projects receiving tax credits, all the work done on this one will benefit publicly owned facilities: The sports complex is owned by Jackson County, while the training center will be the property of Missouri Western." Yet another example of journalists not understanding that you don't benefit from owning a stadium, you benefit from controlling its revenues.