The updated deal cuts out a $27 million investment in city money that would have given the city a 28% revenue stake in the project. However, the city still would be a financial backstop for a $36 million parking garage, but it wouldn’t put any upfront money into the deal.
More deets for subscribers:
Strata tower's scaled-back incentives win key Kansas City Council support - Kansas City Business Journal
A scaled-back incentives request for the proposed $133 million downtown Strata tower received a crucial approval from a City Council committee. Strata's developer - a partnership among H&R Block Inc. (NYSE: HRB), Kansas City-based developer Copaken Brooks and Ron Jury & Associates - put together the reworked deal after facing resistance from the newly elected City Council and Mayor Quinton Lucas.