Thursday, December 19, 2019
KANSAS CITY DISCOUNTS EPIC CORPORATE WELFARE TO WADDELL & REED AFTER COMMUNITY OUTCRY!!!
Community activism and a great deal of public frustration saved Kansas City taxpayers about 10 million bucks today.
Just to keep it cheeky and because this is TKC . . . Very much like enduring hottie Kelly Brook -- The struggle against big biz giveaway subsidies is eternal and requires tough accounting and enteral vigilance laid bare . . .
Today's aftermath . . .
KCUR: After Compromise With Kansas City Schools, Waddell & Reed Will Get Fewer Tax Breaks To Move Downtown
Under the deal, which passed 8-4, Waddell & Reed will receive a 15-year property tax abatement — 75% for the first six years and 37.5% for the remaining nine years. It will also receive a sales tax exemption for construction materials and other tax redirections. This deal cuts the local portion of the incentives from the original $44 million to about $35 million.
Mayor Q is touting his neogotioating skills on this deal but those of us who watched the debate know that SPECIAL CREDIT MUST BE AWARDED for two Council members on opposite sides of the political spectrum and KCMO . . .
KC Biz Journal quote:
The hearing for the project was contentious, with several council members advocating against the project.
Councilwoman Heather Hall voted against the project and called the last-minute negotiations disrespectful to council members who were not privy to the conversations and to the taxing jurisdictions, which she said should be allowed to be more involved in the conversation from the beginning.
Councilman Brandon Ellington echoed Hall, calling it a bad deal for the city and saying that questions persist about the financial state of Waddell, which has made no indications it will stay beyond the 15-year lease.
“We’re going to give away the bathwater and the baby for a company that isn’t even committed to staying here,” Ellington said.
And so, we wouldn't call this an EPIC win but a sign of the community growing increasingly frustrated with City Hall giveaways.
Developing . . .