Matters
- Represented the Kansas City Chiefs (Chiefs) in an appeal to the Missouri Supreme Court in a sales and use tax case (The Kansas City Chiefs Football Club, Inc. v. Director of Revenue, Mo., No. SC97730, 6/2/20). The tax assessment related to renovations that were made to Arrowhead Stadium and the administrative offices adjacent to the Stadium. The case involved numerous and lengthy legal documents related to financing of the renovations through tax credits and various other sources and application of Missouri sales and use tax law. Through Polsinelli’s representation of the Chiefs, the Missouri Supreme Court unanimously found in favor of the Chiefs and vacated a $677,171.55 Missouri use tax assessment and a $252,775.39 Missouri sales tax assessment, plus statutory interest, for certain periods in tax years 2008-2011.
- Represented a long time client in purchasing part ownership of a Major League Baseball team, the Kansas City Royals. The Transaction was very complex due to the number of parties and investment vehicles, as well as Major League Baseball ownership and qualification requirements.
- Provided a client Tax and Opportunity Zone structuring advice and an Opportunity Zone Opinion for a $63 million Class A mixed-use property. The property is located in Salt Lake City, Utah and consists of 170 residential units and 10,100 sq. ft. of retail space within an eight-story type III over type I structure. The mixed-use development will be spurring on valuable community development.
- Provided tax and structural advice to a real estate fund seeking to raise up to $50 million in equity to purchase multi-family properties in establishing a structure through which investors could use proceeds from a prior like-kind exchange under Section 1031 of the Code to acquire an investment interest in the fund.
