Check out a MUST READ post from Blog KC profiling just a few local developments that are on deck in the near future . . .
SUPRISE!!! 3/5 OF THESE SMALL SCALE CONDO DEALS DIDN'T NEED TAX BREAKS!!!
What have we learned?
Sadly . . .
DESPITE A SPENDING SPREE FLOWING WITH TAXPAYER DOLLARS . . . RESIDENTIAL REAL ESTATE DEVELOPERS HAVE GIVEN UP ON DOWNTOWN KANSAS CITY NOW THAT THE INCENTIVES ARE GONE!!!
So much for that Downtown Renaissance that never happened.
Meanwhile . . . Smaller luxury developments seem to be the new hotness for the last remaining real estate scammers chasing hipster dollars.
Don't let Mary O near this one or we'll be paying through the nose while she relaxes in Prairie Village.
ReplyDeleteTony, do some research. BlogKC got it wrong. The 39th & Stateline project is a Chap. 353 tax abatement project. The 39th & Rainbow project is a KDK TIF project. And the 40th & Broadway apartment project will be developed as part of a new PIEA tax abatement district.
ReplyDeleteKeep vicki noteis and Dan cofran away from this project. Last time they opposed a project taxpayers ended up having to issue 200 miilion in bonds to assist a company that had previously not wanted any tax breaks.
ReplyDeleteWhat we need is more subsidies to the wealthy. Are they not the "job creators"? Tickle down is good for every one or so we are told.
ReplyDeleteDevelopment attorneys have learned a new trick.
ReplyDeleteIt's called the Polsinelli.
The way it works is that you propose a heinous and offensive privately financed development that you don't really intend to build.
When the locals howl, you say of course we'd be willing to work with the neighborhood et.al.- but we'll need a little help to make it work.
The public says the incentives are necessary to prevent a travesty from occurring.
The politicos are only too happy to throw the money around. After all, they didn't want to do it but it was necessary to save the project and make the neighbors happy.
And the developer walks away looking like they're a willing partner with the community and have a pocketful of tax money to boot.
That's the way this new game is played.
let run all the scumbag developer out of town that sove the problem/
ReplyDelete10:03 is dead on. I have watched several deals go down just like that.
ReplyDelete