First TIF Advances Since New Policy
By Maria Carter
Kansas City, MO – The Kansas City council will soon vote on the first TIF project since the new economic development policy was put in place. KCUR's Maria Carter has more.
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Andrews McMeel Universal wants to renovate the nearly century old Boley building downtown for some 19 million dollars. The publisher of Doonesbury and other comic strips is seeking 4-point-8 million dollars in Tax increment financing. The Finance department's Dan Begunu says the new policy helped guide talks between the city and developer.
Begunu: The policy was very helpful. This was a little bit odd because the application came in almost simultaneously as the taskforce was trying to pound out an economic development policy.
If approved, Andrews McMeel will move some 200 jobs from a location near the plaza to downtown, resulting in some financial loss to the city. But supporter contend the benefits including a financial agreement with the school district and clawback provisions to ensure job levels.