KANSAS CITY, Mo. (KAKE) - Less than a week before Jackson County, Missouri voters decide whether to approve a sales tax to fund renovations at Arrowhead Stadium and construct a new downtown Kansas City ballpark for the Royals, both teams have signed new leases with the county, pending the results of the election.

The Chiefs' 25-year lease includes three five-year renewal options after Kauffman Stadium is demolished. Rent for the Chiefs will be $1.1 million per year, plus percentage rent.

The Royals' lease terms under the agreement will last 40 years, and includes two renewal options of five years. The term ends with the end of the 40-year sales tax.

The Royals' new stadium is projected to open in Spring 2028, with the Royals paying $2.75 million a year for rent.

Under the agreement, Jackson County is not responsible for the costs of demolition of Kauffman. However, a new bond issue might include funds for demolition.

In addition, Royals CEO John Sherman announced plans to scale back the downtown ballpark plans to protect part of Oak Street following conversations with Mayor Quinton Lucas, the city council, and the community.

"We acknowledge Oak Street is an integral part of the downtown experience, and therefore we agree to change the ballpark district design to keep Oak Street open," Sherman said during a press conference Wednesday. "We look forward to working with the Mayor and City Council to begin this joint effort.”