Thursday, April 18, 2019
TKC WARNING!!! CORDISH 'THREE LIGHT' THREATENS $17.5 MILLION PARKING SUBSIDY FROM KANSAS CITY TAXPAYERS!!!
Here's local good life big biz enjoying a seemingly endless stream of corporate welfare. Take a look:
Among the incentives approved for Three Light is a $17.5 million subsidy the city has agreed to pay for a parking garage for Three Light — as it did for One Light and Two Light.
You read that right . . .
KANSAS CITY IS ALREADY ON THE HOOK TO PAY EVEN MORE CASH FOR LUXURY PARKING FOR THE DOWNTOWN ELITE!!!
Here's the damage . . .
KC Biz Journal;: With Two Light occupancy milestone, could Three Light be near?
Other than touting leasing rates in the up 90th percentile . . . The article for subscribers is mostly useless given that all the relevant info is buried. Here's the basics for edification . . .
Details for the $130 million, 300-unit building, but the mix of one- and two-bedroom apartments will be similar to One Light and Two Light.
The project has faced opposition in City Hall, where some council members questioned the use of incentives for the project, saying Cordish used increased competition in the downtown luxury apartment market to help justify its latest request, though the developer itself has created much of that competition through its successful — and incentivized — developments.
Developing . . .