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KANSAS CITY, Mo. -- It's official, Kemper Arena has a new owner this Friday.

Kansas City's city council voted to sell the arena to a development firm for $1 in February. Now, the reconstruction starts.

In the next year, there will be major changes to the facility, including the name. As part of the plan, the facility will be called "Mosaic Arena."

Foutch Brothers, a development firm, announced Friday afternoon that they've officially taken possession of property and plan to invest more than $16-million in it.

Improvements will include a 350-meter track, several basketball courts, restaurants, offices and retail space.

"This is part of my childhood, too" Mosaic Arena General Manager Julie Rischer said. "My family came over here, and we spent our New Year's Eve watching the Blades' game. So to know that it's transitioning from what it was, but knowing what it's going to be--that's fantastic."

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