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Kansas City Council approves a $210M TIF plan for Country Club Plaza infrastructure
$210 millioncould be redirected to Plaza infrastructure for up to 30 years
That's the estimate as sales taxes and the earnings tax rise alongside the Plaza's redevelopment.
Sources: Kansas City Star, KMBC
The Country Club Plaza's makeover cleared another hurdle Thursday. Kansas City's City Council approved a tax increment financing plan that would redirect growth in sales tax revenue to fix up public and private Plaza infrastructure. Developer Gillon Property Group looks to add housing, businesses and amenities.
Developers say the Plaza faces delayed maintenance, parking garages beyond their useful life, basement flooding concerns and an outdated sewer system. KMBC reported the plan would pay to renovate the garages, improve streets and update sewer and stormwater systems.
“It’s a tax redirection that’s supporting public infrastructure, and it’s necessary public infrastructure to support the vertical development and the revitalization of the Plaza, which we all support.”
Council member Johnathan Duncan, Sixth District, who is often a critic of public incentive plans
- Office space: 645,000 square feet planned
- Revenue redirected: sales taxes and the earnings tax
- Also expected: Port Authority of Kansas City incentives
The Plaza plan is a roughly $1.5 billion project
- $1.5 billion
- roughly, for the full redevelopment
- $1.2 billion
- to be privately financed by the owner
- 750
- multifamily residential units planned
- Nearly 300
- hotel rooms planned
Sources: Kansas City Star, KMBC
