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Old 12-06-2007, 06:23 AM  
BigRedChief BigRedChief is online now
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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 12-05-2012, 05:47 PM   #181
|Zach| |Zach| is offline
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What is an LSP?
The nicest Soccer specific stadium in North America. Right in Kansas City, KS. Even though it should have been in Missouri.

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Old 12-05-2012, 05:51 PM   #182
BigRedChief BigRedChief is online now
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Originally Posted by |Zach| View Post
The nicest Soccer specific stadium in North America. Right in Kansas City, KS. Even though it should have been in Missouri.

Thats what they were going to build where Bannister Mall is? WTF KCMO?
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Old 12-05-2012, 05:53 PM   #183
GloryDayz GloryDayz is offline
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The Unified Government who was tired of seeing it's mid to higher income residents move to JOCO. The way they planned out Legends, NFM, and the Speedway was brilliant. Too bad Legends has been mismanaged by it's owners and is now facing auction. I hope they are able to pull that together because it's a great destination before or after a game.

They've made some missteps like the waterpark on the wrong side of the highway, the soccer fields potential spot being contaminated. And the casino? Not sure it's even there anymore. I am still torn on whether or not LSP should have been on the other side of Legends. Maybe they couldn't secure that land. The parking at LSP is atrocious but given all of it's other pluses that negative isn't huge.

WYCO did something very good for it's community. I'm glad to see it flourishing and think that a stronger WYCO also makes for a stronger JOCO. If we could just get the morons on the other side of the stateline to get their act together the metro area could become something spectacular. Alas, everything that JACO touches seems to turn into a bigger mess than before they tried to fix it.

I'm just glad WYCO got their act together before they decided to try to build LSP in Lees Summit or Independence. I would not relish having to drive out there three or four times a month.
This isn't the first city that I've lived in that has the challenges the JACO has. They have plenty of bright spots, especially the 'burbs, but the city itself is locked at a perpetual standstill because of the people who didn't, or couldn't, leave for the 'burbs. It's never a comfortable conversation, but until the stars of a mayor and city council line up and make some really brash and controversial decisions, the WYCO's and JOCO's of the world will keep winning most of the bids.

That being said, as a downtown worker, I'll say that what it looks like downtown compared to 10 years ago is amazing. Kudo's to the mayor who got it done... I hope the keep it up. I think the biggest miss that was there for the taking was to move the Royals downtown. Had they left Arrowhead where it is and moved the Royals downtown, I'm not sure that wouldn't have been one of the biggest win-wins the city has seen in a 100 years. It's mind boggling to think how many more people would make an businessman's special had they done it. And dare I say, if people had the opportunity to go to the P&L district before/after games, it could be 80+ better nights a year for that area. A stunning miss IMO...
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Old 12-05-2012, 05:53 PM   #184
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