Just as we predicted earlier this morning, mostly clueless housing chatter dominated today at 12th & Oak as we witnessed what was likely one of the most expensive F-bombs in Kansas City history.
The real takeaway . . .
Because Council Lady Shields lost control of her temper and couldn't hold votes together some incentives along the toy train line died and, instead, council decided to throw the money away on 'affordable housing solutions' rather than just burning it outright.
Somewhere there are a few locals with B.S. jobs who will benefit from the generosity of council but rest assured that neither po'folk nor the real estate market will feel any impact in the slightest.
Here's the MSM summary . . .
"Instead of setting aside $10.5 million for a MAC Properties development on Armour and Main, several City Council members argued it would be more beneficial to put that money into the city’s Housing Trust Fund."
More from another local blog . . .
"Under the changes approved Thursday, $10.5 million would be re-directed to the Housing Trust Fund. The dollars would come out of the city’s share of the surplus funds from the Midtown Redevelopment Tax Increment Financing Plan, according to the funding agreement.
"That redevelopment plan expires in April 2023. After that point, the city and other jurisdictions will collect full property and sales taxes, according to the ordinance.
"Shields opposed the amendment, saying that while she supports the Housing Trust Fund, she wanted to ensure that the 77 new housing units would be created more quickly than they would by going through the fund.
“We have a developer that has made tremendous improvements in the Midtown area,” Shields said, to laughter from the KC Tenants group."
Again, this is only a victory for paid protesters and a few power hungry locals.
While the defeat for the toy train line makes a great show and we applaud the setback . . . It's important to be skeptical when politicos start meddling in real estate on either side.
Read more via www.TonysKansasCity.com news links . . .
The Kansas City Council voted Thursday to kill a $10.5 million tax incentive package for a proposed MAC Properties development in Midtown, and instead redirect money into the city's Housing Trust Fund.
KANSAS CITY, Kan. - The Kansas City Council approved an ordinance born out of fierce discussions over Midtown developments Thursday. But that approval came after ditching incentive plans to fund a new Midtown development and instead re-allocating the money to affordable housing.
Developing . . .