Under new deal, Chiefs agree to stand by public promise of 10 years in exchange for $25 million in tax credits

The Kansas City Chiefs/MDFB bait-and-switch saga looks like it may finally be resolved. The Star and News-Journal are reporting that Gov. Jay Nixon will be in St. Joseph today to announce a final deal between the Chiefs and Missouri Development Finance Board. Per the Star, here are the terms of the deal:

The Chiefs will hold their training camp in Missouri for a minimum of 10 years, help build a $13 million training facility at Missouri Western and make about $50 million worth of improvements to Arrowhead Stadium and the Truman Sports Complex in Kansas City.

In exchange, the team will receive $25 million in tax credits.

If this deal sounds a lot like the original commitments from the Chiefs in exchange for the $25 million in tax credits, that's because the Chiefs originally committed to staying in Missouri for 10 years. Only after making public committments of 10 years did they attempt to rework a shorter deal in private -- without a new vote from the MDFB Board, but with the blessing of Lt. Gov. Peter Kinder.

As you may recall, the MDFB voted on a tax credit deal for the Chiefs at their December meeting, during which Chiefs' Senior Vice President Bill Newman promised that their camp would be in Missouri for "a minimum of ten years." An economic impact study prepared for the Chiefs a month before the meeting also outlined a “commitment” by the team to hold camp at Missouri Western for 10 years, and based its findings on those terms. However, after the Board voted to approve the deal with that in mind, the commitment was ratcheted down. 

A subsequent agreement, drafted with the help of Kinder's office, was "inconsistent" with the Board's approved deal. Under the deal negotiated with Kinder, taxpayers would be stuck with 100% of their commitment, but only receive 50% of the guaranteed benefit.  (Every dollar counts, right?)

Moreover, Missouri Western will receive about $500,000 in contributions from the Chiefs than outlined in the Kinder-sanctioned deal, and will now owe penalties to taxpayers if they don't hold up their end of the bargain.