A development similar to the Royals ballpark vision has failed in Florida

A development similar to the Royals ballpark vision has failed in Florida

KANSAS CITY, Missouri. Right down to the fireworks shooting into the sky, renderings of the Royals’ proposed $2 billion baseball stadium area in downtown Kansas City look similar to stadium proposals in Jacksonville, Florida.

That $450 million project, also a public-private partnership, failed.

Working for you, FOX4 wanted to investigate why this happened and how the team can avoid the same fate.

Award-winning Florida Times-Union columnist Nate Monroe covered the proposed development in the Lot J parking lot near TIAA Bank Field, home of the Jacksonville Jaguars.

Reports suggest that about half of the funding would come from taxpayers. In the end, the city council voted for it.

“Lot J fell through because it was too much money,” Monroe said. “Funding was too opaque. A lot of money, which [The Cordish Companies] and the Jaguars looking had to be in the form of upfront, real money.”

More common incentives for these projects would be tax credits, Monroe said.

The Royals, meanwhile, are calling their district the largest public-private partnership in KC history. While funding was not detailed, the team cited local, state and federal funding sources.

“The thing about these deals is that the devil is in the details,” Monroe said. “The way these things are financed can often be very complicated.”

“I think it’s an exciting project,” said Nathan Mauk, associate professor of finance at UMKC’s Bloch School of Management.

But Mauk has concerns.

“Economists have looked at the payoff, especially for the taxpayers, and have looked at whether you get a return on what you invest in renovating stadiums or new stadiums, and they’ve found that generally those stadiums don’t create a lot of value for the taxpayers,” Mauk said. .

Mauk says there are intangible benefits like entertainment, community pride and quality of life.

Both agree that transparency at all levels will be key to success.

The Royal team has already promised to play ball in the center of the city.

Cordish Companies has also been behind KC Live and baseball projects such as Ballpark Village in St. Louis and The Battery in Atlanta.

The royal family has not said whether Cordish is involved in the project.

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