By Laura Spencer
Kansas City, MO – Dozens testified yesterday at the Kansas City Council's Finance and Audit Committee about the proposed Three Trails TIP plan, a nearly 1 billion dollar redevelopment proposal for the Bannister Mall area in South Kansas City.
In early November, the TIF Commission approved the deal, and recommended it to the City Council. A decision was delayed yesterday in committee due to wildly differing economic impact estimates from a cost to the city of $41 million to a benefit of $43 million.
Kansas City Mayor Mark Funkhouser weighed in with a statement endorsing revitalization of what he called the "neglected Bannister Mall and surrounding properties." But Funkhouser says he doesn't support the developer's request of a Super TIF.
Mayor Mark Funkhouser: "I have basically one single concern...level of SuperTIF...they're asking for 23 years of SuperTIF...and I don't want to agree to do that."
In August, the City Council approved a new incentives and economic development policy, which discourages a high level of public subsidy. The 467 acre Three Trails plan includes an 18,500 seat Kansas City Wizards soccer stadium, a tournament field soccer complex, four hotels, and retail and office space.