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Kemper Arena Sold For $1

KANSAS CITY, MO (CelebrityAccess) — Plans to convert the venerable Kemper Arena into an amateur sports complex took a big step forward on Thursday after the The Kansas City Council voted to sell the venue to a real estate developer for $1.

The Associated Press reports that the deal will help the developer, The Foutch Brothers, pursue more than $8 million in tax credits and other financing to repurpose the arena.

All told, the Foutch Brothers $25 million to $30 million plan would more than double the arena's capacity and create a space for indoor soccer, basketball, volleyball, gymnastics and other sports.

As well, the arena would be renamed to Mosiac Arena as part of a naming rights deal with healthcare chain Mosiac Life Care. Mosiac will operate a public health clinic that focuses in sports medicine in the arena.

The Kemper has been largely empty and a drain on Kansas City's finances when the Sprint Center arena opened in the market in 2007. – Staff Writers