Thursday, October 15, 2009
Kansas Makes Incentive Offer to Wizards
The state of Kansas has come to the Wizards with an offer for the STAR Bonds for the development out at the Legends facility. It's not the $155 million that the Wizards and OnGoal had asked for last week. It's $10.5 million less than that, the state has offered the Wizards and OnGoal $144.5 million in STAR Bonds. The state has also offered $85 million in state tax credits and cash incentives to Cerner for the project. The $144.5 million is just a shade under 35% of the project being financed by the STAR Bonds. The question now becomes whether or not the Wizards and OnGoal will accept the offer? If they don't see the $144.5 million in STAR Bonds as being enough, the team could try to go back to Missouri and try to get Kansas City to back the bonds again out at the Bannister site, or see if there is another site. The team may not have the time to wait on that, and in the grand scheme of things, the $10.5 million is not that big of a difference and probably could be offset in part by the stadium naming rights.