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Old 12-06-2007, 06:23 AM  
BigRedChief BigRedChief is offline
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Bannister Mall: the new home of the Wizards. Watch KC screw this up.

KC will screw this up. They had Bass Pro ready to go in abut they didn't want to give them TIF. Just what tax revenue are they getting now from that area? It's a wasteland.

http://www.kansascity.com/business/story/391605.html

Funkhouser opposes Super TIF for Bannister Mall redevelopment


By KEVIN COLLISON
The Kansas City Star Kansas City Mayor Mark Funkhouser said Wednesday that he opposed extraordinary tax breaks to help the Bannister Mall area redevelopment plan — incentives that backers say are vital for success.“It’s a wonderful project. I’m ready to sign off,” Funkhouser said at a development forum where he made a public appearance early in the day. “But I can’t stomach 23 years of Super TIF.”

Funkhouser later elaborated in a statement saying that while he was “excited” about the prospect of redeveloping the vacant mall property in south Kansas City, he wouldn’t support the $43.5 million in Super Tax Increment Financing being requested as part of the package to help finance the development.
Under Super TIF, all rather than just part of the local taxes generated by a project are diverted to help defray eligible costs.

The ambitious Three Trails redevelopment proposal, valued at almost $1 billion when fully built over 10 years, calls for a mixed-use development anchored by a new stadium for the Wizards professional soccer team. It would include a 12-field tournament-style soccer complex; a 250-room hotel; 609,000 square feet of retail space; and 610,500 square feet of office space.

The developers are seeking $273.3 million through a variety of local and state tax incentives to help finance the project.

“I want to see the Three Trails redevelopment happen,” Funkhouser said. “But I don’t intend to support the current plan without more thorough discussion and, at least, the removal of the Super TIF requirement, which redirects 100 percent of any new property, sales and earnings taxes back to the project.”

The development group backing the project, which includes top executives of Cerner Corp. and Lane4 Property Group, contends that Super TIF is needed to fill a financial gap for the project.

It remains unclear what effect Funkhouser’s position with have on the development group’s pursuit of the project at the Bannister Mall site. The developers have sought a decision by the Kansas City Council by the end of December to meet a construction timetable that calls for the soccer stadium to be open by spring 2010.
Project backers, who have considered alternative sites elsewhere in the area, could not be reached for comment after Funkhouser’s statement.

Besides the use of Super TIF, Funkhouser also objects to the plan’s provision that the city own the soccer stadium, saying it would require long-term expense and attention.

“The construction of the city-owned Sprint Center required a new tax and public vote, yet we are considering this plan with neither,” Funkhouser said in his statement. “I want to be sure we have thought through that decision and its fiscal impact on the city.”
The mayor’s announcement threw a new twist into a discussion that already had gotten off to a poor start earlier in the day.

At a meeting of the council’s Finance and Audit Committee, at which dozens of people testified, most favored the project. But Chairwoman Deb Hermann postponed a recommendation on the project after becoming frustrated by widely differing economic impact estimates submitted to her panel.

The city’s Finance Department issued an analysis indicating that the city would have a $41 million negative impact over the 23-year life of the project’s proposed financing. An analysis by the Economic Development Corp., in contrast, indicated a $45 million net benefit over the same period.
Both groups use different ways of evaluating the economics, and Hermann decided to seek additional time to sort out the issue.

Her committee has one more meeting scheduled before the end of the year.

“You just can’t give me a scenario with an $86 million swing,” Hermann said. “I’m not a financial expert. That’s why we have a Finance Department.”

Further complicating matters, Councilman John Sharp, a strong supporter of the Three Trails project, said Funkhouser had received a letter from state officials stating that any state aid for the project was contingent on the city’s granting the Super TIF assistance.

The project seeks $20.7 million in state tax-increment financing and $10 million in state tax credits.
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Old 12-04-2012, 11:11 PM   #136
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This is one case where there is a chance for it to be different. If they leave some fields as open fields on the weekends, they have the potential to tap into a HUGE Saturday night/all day Sunday Latino market. Every weekend at Blue River Park in the Grandview Triangle there are thousands of Mexicans/Latinos playing soccer. And when I say thousands, I am not exagerating. They are all hungry and all thirsty, and the only businesses around to cater to them are a couple of chromed out trailers selling homemade tamales. If they can tap into the Latino market and setup lighted night games and Sunday games it could really work out to bring business to the area.

Of course I am not sure Mexicans improve an areas "Hill" placement much more than blacks do, so it might not do anything for it's "down hill" status. I am wondering how long we have until the new Walmart on the Blue Ridge Mall site becomes "dangerous". All of the busline criminals and lower income blacks that made the hypermart dangerous are now shopping at the Blue Ridge Walmart, but I haven't heard it officially declared as unsafe yet.
It's definitely unsafe now.
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Old 12-04-2012, 11:16 PM   #137
|Zach| |Zach| is offline
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Quote:
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It's definitely unsafe now.
That blue ridge area right now?

C'mon.

Suburbanites are pussies.
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Old 12-04-2012, 11:17 PM   #138
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I don't blame KCMO for being gun shy on this whole thing.
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Old 12-04-2012, 11:20 PM   #139
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Who in the hell would have in their right mind thought that Wyandotte county would have EVER been any kind of destination location fifteen years ago?
Well, ISC did.
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Old 12-04-2012, 11:21 PM   #140
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Quote:
Originally Posted by |Zach| View Post
That blue ridge area right now?

C'mon.

Suburbanites are pussies.
Still talking about Bannister. Don't know where you went.
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Old 12-04-2012, 11:24 PM   #141
|Zach| |Zach| is offline
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Quote:
Originally Posted by Phobia View Post
Still talking about Bannister. Don't know where you went.
The last part of KC Kings post "All of the busline criminals and lower income blacks that made the hypermart dangerous are now shopping at the Blue Ridge Walmart, but I haven't heard it officially declared as unsafe yet." Argo was responding to.

I could have been mistaken though.
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Old 12-04-2012, 11:29 PM   #142
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Oh - well, I don't really read that guy's posts.
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Old 12-04-2012, 11:34 PM   #143
Chocolate Hog Chocolate Hog is offline
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Quote:
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Still talking about Bannister. Don't know where you went.
Zach likes to pretend crime doesn't happen.
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Old 12-05-2012, 12:05 AM   #144
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Zach likes to pretend crime doesn't happen.
I am sorry you are too scared to be in midtown.

Sucks to be you I guess.
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Old 12-05-2012, 12:08 AM   #145
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I am sorry you are too scared to be in midtown.

Sucks to be you I guess.
I'm scared to be in midtown? I was there this weekend.
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Old 12-05-2012, 12:12 AM   #146
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I don't even know where "midtown" is. I don't get out of my box often.
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Old 12-05-2012, 12:14 AM   #147
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I don't even know where "midtown" is. I don't get out of my box often.
Between like Southwest Boulevard and Troost. I said I wouldn't walk alone by myself down Broadway at night and Zach had his period over it.
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Old 12-05-2012, 12:17 AM   #148
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Between like Southwest Boulevard and Troost. I said I wouldn't walk alone by myself down Broadway at night and Zach had his period over it.
You're being dramatic.
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Old 12-05-2012, 01:11 AM   #149
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There's got to be a better project than a soccer stadium that they can build there, right?

How many people attend Wizard games?

Is it possible to build a dual use fascility that can be used for convention space the other 350 days a year?
so storage?
ahh my bad I read that as conventional space
sorry no love for soccer , or base ball
or hockey


not sure about soccer but no cheerleaders NOT A SPORT
dancerts county, strippers get double extra points and a slap on the ass
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Old 12-05-2012, 01:29 AM   #150
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not sure about soccer but no cheerleaders NOT A SPORT
dancerts county, strippers get double extra points and a slap on the ass
Three of the most recent SB winners don't have cheerleaders. Giants, Steelers, and Packers.
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