Mission Gateway Desperately Seeking More Taxpayer Money

This doomed suburban development continues to fight for survival. 

Now the hope is that tacos and low-income housing will help save the project.

Here's part of the plan . . .

Developers are asking for a new 20-year TIF as part of the revised proposal.

Under the new tax abatement plan, the developer would receive 100% of property tax revenues, 55% of sales tax revenue, and 90% of transient guest tax revenues from the on-site hotel to pay off the city-issued special obligation bonds that would underpin the Mission Gateway project’s financing.

Valenti’s team also asked for the Community Improvement District tax to be doubled from 1% to 2% with 100% of the proceeds going to the developer and industrial revenue bonds to dodge sales tax on materials purchases for construction.

Read more via www.TonysKansasCity.com link . . .

Mission Gateway developers outline project revisions, alterations to TIF

Citing the pandemic and constraints in securing financing, developers of the dormant Mission Gateway Development project outlined a series of proposed changes to the project and its financing Thursday during a Mission City Council work session about the partially completed $268-million project.