Thursday, August 15, 2019
Mayor Quinton Lucas Grants Whitney Kerr More Time To Prep $63-MILLION Tax Break Pitch For Kansas City 5-Star Hotel
The new mayor proves patient with corporate welfare on the table . . .
KC Biz Journal: $63M downtown luxury hotel wins another delay
The Tax Increment Financing Commission of Kansas City voted to delay the measure after the developer’s attorney requested more time, citing conversations with new Mayor Quinton Lucas, who asked the developers to refine their numbers and see whether they can find more money to allocate to affected taxing jurisdictions.
The TIF Commission granted the request, and the item will be heard again at the September meeting. The project has seen three other delays and originally was presented in May.
Developers Whitney Kerr Sr. of Cushman & Wakefield and Eric Holtze of EJ Holtze Corp. have described the project as Kansas City's first five-star hotel. The two seek a 75% property tax abatement for 23 years, among other incentives.
In addition to the property tax abatement, the total public assistance package would include sales tax on construction materials; a 50% personal property tax abatement; a "super TIF" reimbursement on hotel, food and beverage, individual income and utility taxes; and a 100% reimbursement from a 1% Community Improvement District tax. All assistance, aside from the sales tax on construction materials, would last 23 years.
Developing . . .