KANSAS CITY, MO – In order to take advantage of lower interest rates, Jackson County is refinancing up to $360 Million in bonds that were issued in 2006 for renovations at the Truman Sports Complex.
The move will save approximately $32 Million in interest, which will be put back into the long term maintenance, upkeep and renovation of the facilities.
“The timing couldn’t be more perfect, given the excitement surrounding our teams, especially the postseason play of the Royals,” said County Executive Mike Sanders.
The refinancing is possible due to the high quality of Jackson County’s credit rating with Moody’s.
In 2011, the county’s underlying credit rating was reaffirmed, due to strong financial outlook. That rating, as well as the reaffirmation of this bond refinancing this month, played a role in obtaining a lower interest rate on the bonds.
“We’re proud to be able to save the taxpayers millions of dollars,” said County Executive Sanders. “This will ensure that we can properly maintain these taxpayer assets and give our teams the support they need to remain competitive.”
Jackson County owns Kauffman and Arrowhead Stadiums and leases the facilities back to the Royals and Chiefs. The Jackson County Sports Authority oversees operations of the Truman Sports Complex.
The refinancing will result in no change in the lease between the County, the Teams and the Sports Authority.