Kansas City’s new $300 million performing arts center will be home to three of the city’s biggest arts groups when it opens in 2008. The Kansas City Symphony, Lyric Opera of Kansas City, and Kansas City Ballet have all signed letters of intent, promising to take up residence in the PAC for at least 20 years, and have agreed to rental terms with the center’s management. “The commitments let the Missouri Development Finance Board add $12.5 million each year over 2005-2006 to the annual allowable tax credits. The board currently has a $10 million annual cap.” The PAC suffered a funding setback this November, when voters rejected a bistate tax which would have created a significant new source of arts funding.