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Old 12-06-2007, 06:23 AM  
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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 12-13-2007, 02:45 PM   #91
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I think there's a fallacy in thinking that if you don't create jobs, you don't help the local economy.

I also think that unless I was mistaken, there were going to be retail stores and some other stuff put in along with all the soccer fields (it's not just a stadium).

It will also bring traffic into the area that would never have gone there before from wealthier parts of town. That can't hurt.

I wish I owned the gas station across the street.
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Old 12-13-2007, 03:03 PM   #92
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I'm fine with leaving certain areas blighted.
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Old 12-13-2007, 03:06 PM   #93
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Originally Posted by jiveturkey
I'm fine with leaving certain areas blighted.
There's probably some truth to the idea that if one area is revitalized some other area will just end up being blighted, as the equal and opposite reaction.

You're seeing it already in some areas in the city limits north of the river. There's a neighborhood in Gladstone that was nice when I was younger, but it's pretty WT in that area anymore.
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Old 12-13-2007, 04:37 PM   #94
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Quote:
Originally Posted by jiveturkey
I'm fine with leaving certain areas blighted.
Who gets to decide which areas will be the "blighted" areas?
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Old 12-13-2007, 04:40 PM   #95
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Quote:
Originally Posted by BigRedChief
Who gets to decide which areas will be the "blighted" areas?
I'll do it.

Hasn't the public already decided in a lot of cases? The public didn't want to go to the Bannister area so they decided in this instance.
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Old 12-13-2007, 04:41 PM   #96
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Quote:
Originally Posted by BigRedChief
Who gets to decide which areas will be the "blighted" areas?
The general public does.

Bannister Mall was a thriving area in the 80's.

The public decided they didnt want to shop there when they didnt feel safe there.
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Old 12-13-2007, 04:55 PM   #97
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Quote:
Originally Posted by BigRedChief
Who gets to decide which areas will be the "blighted" areas?


The area is already blighted... This TIF is going to do nothing more then steal other area businesses and create some new vacant space...

I want the stadium and fields to go there but the retail part is going to do nothing more then move the problem elsewhere... We are spending money to move private businesses around so they can see a small increase in profits for a few years...

These businesses are not increasing jobs, they are doing jack shit.. People buy into these things everytime because it is a new business going up and you see a quick upswing.. But every single time they have failed to meet the jobs they promised, sustaining the businesses by not leaving or closing.. Who gets screwed?


Just the Northland, since I live here currently on TIFs i have seen fail..

Barrytrail is half full of what they promised... no restaurants, and soon to be two empty buildings out of the 8 on the main strip..

Renaissance Housing, went in my Maple Woods.. destroyed and took woodlands, sits completely empty for 7+ years...

BriarCliff, has not met the new jobs requirements and sits partially empty.. Even though Piropos is good to eat at..

What ever it is off of 64th west of Patty O's, sits more then half empty and has had businesses close after 1 year..

-------------------------

Then add the fact that these places help help blight smaller area strip malls and killed Metro North and Antioch malls...

-------------------------

The one semi success??? Zona Rosa.. I am glad all the Tiffs were able to make other areas look blighted and the Northland got one success.. I really think that was worth it...

What local places is the new Bannister going to steal from???
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Old 12-13-2007, 05:13 PM   #98
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Quote:
Originally Posted by Valiant
What local places is the new Bannister going to steal from???
Zona Rosa.
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Old 12-14-2007, 05:59 AM   #99
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Quote:
Originally Posted by Adept Havelock
Zona Rosa.
that'll be the day.
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Old 12-14-2007, 06:12 AM   #100
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I can't wait, people around here don't have anything worth a shit to steal, maybe I will do that while they are watching soccer
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Old 12-14-2007, 06:33 AM   #101
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Zona Rosa?

I don't consider any place where you can't buy Levis's a mall.

They should've just called it ChickTrip.
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Old 12-14-2007, 06:55 AM   #102
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Originally Posted by stevieray
Zona Rosa?

I don't consider any place where you can't buy Levis's a mall.

They should've just called it ChickTrip.
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Old 12-14-2007, 07:00 AM   #103
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City Council approves Bannister redevelopment

http://www.kansascity.com/business/story/402902.html

By KEVIN COLLISON
The Kansas City Star A soccer-oriented redevelopment plan for the beleaguered Bannister Mall area, touted by backers as the salvation of south Kansas City, was approved unanimously Thursday by the Kansas City Council.All drama ended Wednesday, when Mayor Mark Funkhouser dropped his objections to using a special tax incentive called super tax increment financing to support the $949 million redevelopment plan. Even so, supporters packed the council chamber to support the final consideration of the Three Trails plan.

“We are convinced this will turn our area around,” said Councilman John Sharp, whose district includes the closed Bannister Mall. “We are convinced it will do for south Kansas City what The Legends shopping center did for western Wyandotte County.”

The plan calls for demolishing Bannister Mall, Benjamin Plaza and a former Wal-Mart and resurrecting an area that has been in economic decline for years.

The developer, Lane4 Property Group, wants to build an 18,500-seat soccer stadium for the Kansas City Wizards; a 12-field tournament soccer complex; a 250-room hotel; up to 1.1 million square feet of retail; and up to 1.7 million square feet of office space.
“Voting yes makes real a field of dreams — soccer dreams,” said Councilwoman Cathy Jolly, who also represents the area. “It is our time, and I couldn’t be more pleased.”

The project will require $273 million in tax incentives and other assistance from the city and state, about 29 percent of the eventual cost. The most heavily subsidized part of the project is the first phase — the construction of the soccer stadium, amateur soccer complex and the hotel.

The Wizards want the city to own the facility, but the team would be responsible for maintenance, capital repairs and any operating deficits.

While the mayor expressed support for the project, he was unwilling until recently to back the super TIF assistance needed both to support its financing and trigger the additional state aid required.
Last-minute negotiations intended to minimize the city’s risk persuaded him to accept the extraordinary tax incentives.

Notably, the development group, which includes top Cerner Corp. executives, did not seek to use the city’s creditworthiness to back bonds for the project, a tactic that the city’s new economic development policy opposes.

“Thank you for working with me to get us to a position where I am able to support this and still feel in good conscience,” Funkhouser said. “What we’re doing in the long term is good for Kansas City as a whole.”
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Old 12-14-2007, 07:02 AM   #104
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Originally Posted by Deberg_1990
The general public does.

Bannister Mall was a thriving area in the 80's.

The public decided they didnt want to shop there when they didnt feel safe there.
I think the truth is actually that the neighborhood itself went way downhill. Much less disposable income in the area means no success for the mall. The mall had been languishing for 10 years before it closed probably.
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Old 12-14-2007, 07:09 AM   #105
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Originally Posted by Cochise
I think the truth is actually that the neighborhood itself went way downhill. Much less disposable income in the area means no success for the mall. The mall had been languishing for 10 years before it closed probably.
Any why did it go downhill? Schools. At least thats why we moved out.

We shopped at Hypermart, Best Buy, Paper warehouse, TJ Max etc.

I lived down off 87th street by Blue Ridge for 10 years. We enjoyed living in a diverse neighboorhood there. Had a big nice field for the kids to play in. Homes were kept up etc. But the schools were not up to the calibur that they should have been so we moved to the burbs.
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