The money line that will cost taxpayers:
"The developer seeks a 75% tax abatement for 10 years and 37.5% for the next five years and as much as $4 million from the 22nd and Main tax increment financing district. Documents filed with the PIEA give the requested abatement an undiscounted value of roughly $8.36 million. A consultant for the PIEA suggests a 75% abatement for 10 years, along with the TIF redirection, for an undiscounted value of $7.66 million."
More info for subscribers here:
"The developer seeks a 75% tax abatement for 10 years and 37.5% for the next five years and as much as $4 million from the 22nd and Main tax increment financing district. Documents filed with the PIEA give the requested abatement an undiscounted value of roughly $8.36 million. A consultant for the PIEA suggests a 75% abatement for 10 years, along with the TIF redirection, for an undiscounted value of $7.66 million."
More info for subscribers here:
Developer seeks incentives for $52.4M Crossroads apartments - Kansas City Business Journal
Plans for a $52.4 million luxury apartment building and parking garage could get a boost from Kansas City's Planned Industrial Expansion Authority. Board members are scheduled Thursday morning to consider a proposal from Tracks 215 LLC, to build a five-story, 150-unit apartment building - above a two-story, 301-space garage - southwest of the intersection at Wyandotte and West 22nd streets, in the Crossroads' Freighthouse District.
COMPARE AND CONTRAST
ReplyDeleteKCMO City Hall leadership constantly promote the lie that KC is a vibrant, tech-savvy, hip, desirable place to live and do business. They rarely miss an opportunity to be included on a "most desirable" list or blow their own horn in friendly newspapers and magazines.
Simultaneously, they perpetually reinforce the practice by developers of never starting a project without massive incentives, tax breaks, CID status, blight designation, and/or City guarantees on financing bonds. None of which would be required if KC was actually the vibrant, tech-savvy, hip, desirable place where people wanted to live and work.
You only give heavy subsidies if:
1) it's absolutely required to initially jumpstart development,
or 2) there is a circle of corruption between developers and political leaders.
9:09 FTW!
ReplyDeleteYou are 100% correct, if we are the place to be then why do we have to pay for them to build here? Remember all those taxes the city is giving away has to be paid by someone..... why do you think our taxes keep going up?
Remember that shiny new, VIBRANT Loews hotel S'lie told everyone we just had to have and was such a great thing for KC? You know, that hotel that is soaking up $4M/year for the next 20 years on top of the city already giving the developer over $130 million in cash and incentives to build the dang thing? Yeah, that hotel.
ReplyDeleteThis city never learns. It can't help but bend over every time a developer comes calling asking for money to help build their project. If it was such a good thing and if the city was as booming as they say, why are the incentives and cash from the city needed to make their private project financially viable?
But hey, least various city officials and private entities get their kickbacks to make life easier for them while whenever tax payers need infrastructure upgrades it always involves tax hikes.
#KorruptCity
Incentives are socialism, funny how that is overlooked when hands are outstretched to the council.
ReplyDelete^^well dummy, America has always been a socialist country for the wealthy. Always.
ReplyDeleteSpeculation. They say it may be ten years before the economy recovers. And there will be very few High Paying Jobs FOR many apartments to survive. Especially in the inner City .THE Crime rate is spikin.They go for a walk or a jogging and are mugged.
ReplyDelete