Cory Nunes’ Post

If you guessed "Eagerly watching election results from a county in Missouri" as how I'd spend my night tonight, congratulations, you are right! The Jackson County election could determine whether (or where) the NFL Chiefs and MLB Royals stay in Kansas City beyond their leases' end date of 2031. In the end, voters rejected plans to extend a 3/8% tax (for the next 40 years) that would have raised $1.7 billion to subsidize the building of a new home for the Royals in a new development and massive stadium improvements for the Super Bowl Champion Chiefs. Like all such plans, it's far more complicated than that. I'm not here to argue, nor defend, the principle of public money subsidizing private sports organizations. What I believe is that sports is a massive catalyst for urban development and that's what this vote could have led to. With the help of innovative architecture, design, engineering and construction firms, along with diverse community stakeholders, effective sport-led public-private partnerships have brought together cities and unlocked the keys to fantastic mixed-use developments. These community hubs help deliver jobs, housing, inclusive neighborhoods, tourism, pride-in-place, and much more. They create the magnetic infrastructure that help attract people and funding to cities, and can bring people together. I'm disappointed that (at least for now) people voted against the current plans in this pitch. In the coming days we'll learn more about how this wide 58%-to-42% margin came to be, and what comes next. Still, with dozens of cities hoping to anchor mixed use developments around sports infrastructure, this story is far from over. Looks like I'll be tracking more elections in the future. #citybuilding #sportbusiness #urbanism #urbandevelopment Kansas City Chiefs Kansas City Royals Quinton Lucas Sylvester "Sly" James, Jr. Colleen Cassidy, AIA, NCARB Populous HOK AECOM Jacobs Alyson Walker Jed Schneiderman John Stackhouse Paul Beirne Richard Peddie Glen Grunwald Aileen McManamon Ross van Dongen Lisa Chamberlain David Gilford

Yesterday, voters in Kansas City rejected a ballot initiative to continue to impose a small sales tax to help pay for a downtown ballpark for the Royals and renovations to Arrowhead Stadium. This after the Chiefs just won the SUPERBOWL. Its clear that P3's around sports and entertainment complexes are becoming a tougher sell to some communities skeptical about their long term benefit. I think it speaks to larger issues of changing affinities for baseball, an aging fan base, the general health of regional economies, our 'blame' culture, and more. The A's are going through a different exercise within the same realities in their quest to move from Oakland to Las Vegas. We tend to think about the arc of sports ownership through the lens of the elite owners who take up the headlines with their means to do everything themselves and build their empire beyond team ownership, but this story is much more the reality of what communities are collectively confronting. Are sports teams, like universities, hospitals and other institutions part of what makes a community unique, interesting, and vital; are they worth fighting for, and at what price? What do you think? https://lnkd.in/gj8Bj6Pt

At panel in Cleveland, experts argue public financing of sports stadiums do not yield economic benefits. A panel discussion hosted by City of Cleveland - City Hall Councilman Brian Kay featured experts who argued that using Cleveland tax dollars to build a new Cleveland Browns stadium would not significantly benefit the city. The proposal, backed by Jimmy Haslam, whose net worth is approximately $8 billion, would require Cleveland taxpayers, with a median income of around $25,000, to foot the bill for a $1-$2.5 billion stadium renovation. This stark contrast in wealth distribution has raised serious concerns about the proposal's fairness, highlighting the urgency and importance of the issue. On average, only 15% of attendees live in Cleveland for a Browns game. According to reports from Cleveland Scene, most game attendees don’t even live in Cuyahoga County. Panelist Ken Sillman suggested that most Browns fans are more interested in a team competing for a playoff spot than a luxury stadium. The financing of a new stadium should reflect that. The Browns, a beloved and integral part of Cleveland's identity, annually sell out their season tickets, a testament to their popularity, with an 8,000-person wait list for the season tickets.  By: Jena Thomas The Land #ClevelandBrowns #stadium  #taxpayers #taxdollars #Forbes #TheLand #Clevelandpanel  #economicbenefits #sportsstadium  #newstadium 

With the impending vote over the future of the Kansas City Royals and Kansas City Chiefs stadiums in Jackson County, Missouri I want to put out a few ideas. First, for clarity sake, I should note that I would love a baseball stadium in downtown KC. I think a team based in the downtown area would bring yet another boost the downtown atmosphere and from an economic and entertainment standpoint there isn't a metric available that doesn't indicate urban stadiums outperform those in suburban. That said, I am not convinced this is the right way to get a stadium in the downtown area. The level of transparency on the part of the teams involved leaves a lot to be desired, to say the least. Furthermore the tactics employed have been misleading and at times disingenuous. Some questions that people should absolutely have the right to know are; what is the dollar amount the teams are investing in this project in addition to the public (tax) investment (this has partially been addressed)? Most importantly, what type of incentives and assistance will existing businesses be offered for relocation? Honest and open answers on how the East Crossroads location was chosen over the East Village location that was heavily prefered by the majority of the public as well as more cost effective and less intrusive on the city as a whole while expanding the development of the downtown area in to a currently undervalued area. Additionally, now that the Chiefs received an "F" from the NFLPA on their facilities, nutrition and player accommodations, how will they be spending their portion of these funds to support the team that brought them 3 championships in 5 years? These are just a few of the question the public should have every right to know. Finally, keep in mind that this is not our only opportunity as a city to get a new ballpark and keep the teams in the city/county. These teams are NOT unequivocally tied together, separate votes are able to be set up and this vote is allowed to be rescheduled if it does not pass the first time.

The Denver Broncos Football Club recently made a big decision that's got everyone talking. They let go of their quarterback, Russell Wilson, and now they're dealing with something called "dead money" – about $85 million of it. This might sound like sports talk, but it's actually a lesson for anyone dealing with property and investments too. So, what's dead money? In the NFL, it's money that teams still count against their budget for players they no longer have. In commercial real estate (CRE), it's money tied up in properties that aren't bringing in any profit or benefits. Think of it like paying for a gym membership you never use – it's money that could be used better elsewhere. The Broncos' choice shows us the importance of making tough calls to avoid wasting money. In real estate, this might mean letting go of a property that's not doing well or investing in areas that actually make money or increase value. Here's the takeaway: holding onto things that don't help us grow can hold us back. Whether it's a football team or a property investment, getting rid of dead money can free up resources for better opportunities. It's about making smart choices, even when they're hard, to set ourselves up for success in the long run. So, next time you're looking at your investments or properties, think about where your dead money is and how you can make better use of it. Just like the Broncos, sometimes the best move is to let go and move forward. Ingram Capital Contractors, Closers & Connections (CCC) of Kansas City Contractors, Closers & Connections (CCC) of Northwest Arkansas #DeadMoneyLessons #CREInvesting #SmartChoices #InvestmentStrategy #FinancialFreedom #PropertyManagement #RealEstateTips #BroncosMove #CuttingLosses #buildingsuccess

A very interesting (and annoying) aspect of being a professional athlete: having to file state income tax returns in most or all of the states in which you played during the year #Taxes #TaxPlanning

Competition from tax-advantaged states continues to grow… Our daily reminder in sports: Earlier in the week, I was fortunate to attend the Cities & Sports Business Luncheon to benefit the Museum of the City of New York. The panel provided perspective on the benefit sports bring to local economies. Panelists included: David Blitzer (Philadelphia 76ers, New Jersey Devils, Washington Commanders, Cleveland Guardians, Crystal Palace Football Club, Real Salt Lake, and Utah Royals) Jon Ledecky (New York Islanders) Stephen M. Ross (Miami Dolphins and Hard Rock Stadium) Clara Wu Tsai (Brooklyn Nets) My favorite commentfrom the discussion was from Jon Ledecky. When asked about his biggest challenge — he immediately referenced the advantage that tax-free state have in building rosters. For teams based in tax-free states, players do not have to pay state income tax on revenue earned during home games — representing a +6% premium (Florida, Nevada, Texas and Tennessee in the NHL). Jon isn’t wrong - seven out of the last eight Stanley Cup Finals were represented by at least one team from a tax-free state! As this trend continues, it will be interesting to see how both leagues and government addresses the competition between states for talent, business, and commerce. #NHL #StanleyCup #TaxFreeState #SportsAdvisors

You can't force someone to like you and you really can't force someone to love you. That’s true with humans, and it’s even more true with the owners of professional sports teams and the city their team resides. If we’re looking for a reason why the city of Oakland has lost all three of its professional teams in the last five years, it starts and ends right there. If you want to read the rest of my essay on this topic, click this link: https://lnkd.in/gGSAxqdg

This week in Public Budgeting, Indiana State MPA students consider the controversial question of whether public investments in sports stadiums is a good use of funds. https://lnkd.in/gBStSsYy via @stateline_news #MPA #publicbudgeting #publicadministration

A confluence of powerful forces — including major real estate investment and more savvy fiscal management — is putting Detroit back on the map more than a decade after its historic bankruptcy. The city is shining in the national spotlight after an attendance record-shattering stint as host of the NFL Draft highlighted a drastic downtown revitalization. Detroit hosted more than 775,000 downtown last week, beating the previous NFL Draft record (600,000) set by Nashville in 2019. The city's unique draft threaded through its downtown core to show off new construction and restored historic buildings — instead of the blighted buildings that brought the city a reputation for "ruin porn." Detroit leaders said yesterday that they expect the event's success to change the nation's perception of the city, drawing in more events and businesses to capitalize on its energy. The city devastated by decades of population loss is achieving new milestones in its recent revitalization efforts... The city's attracted heavy real estate development — incoming or underway — from Ford and two Detroit-born billionaires: Stephen Ross and Dan Gilbert, the majority owner of Rocket Mortgage. In Detroit, a majority-Black city, the net housing wealth of Black homeowners grew by $2.8 billion (80%) between 2014 and 2022, a recent study found. In March, it achieved an investment-grade credit rating for the first time in 15 years, showing strong financial health. Reality check: The "comeback" narrative has also drawn questions from some residents and activists around who truly benefits from new investment. Tax incentives for billionaires draw both praise and protest in a city that is still struggling with poverty and inequities.