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Thu June 28, 2012
Big Incentives For Big Kansas City Development Projects
Big incentives for two Kansas City development projects cleared the city council's economic development committee Wednesday.
A 23-story apartment high-rise in the Power and Light District and a 200,000 square foot building to lure Freightquote's headquarters across State Line from Overland Park now have council committee endorsement.
The tax breaks and mechanisms involved are slightly different, but Economic Development Corporation president Pete Fullerton says both are about declaring that Kansas City is “open for business.” Fullerton told the committee. “We're going to do what we have to do to create jobs, retain jobs and expand jobs into the city of Kansas City, Missouri.”
Both projects involve millions in city subsidies, tax breaks for around 25 years, and both involve 100 percent real property tax abatement.
The downtown apartment tower is the first of three Power and Light developers want to build.
The Freightquote headquarters at 435 and State Line will bring 1100 jobs to Kansas City, Missouri, 200 of them new ones.
Updated Thursday, June 28
The full city council unanimously approved both sets of incentives at its Legislative session. Mayor Sly James said persuading Freightquote to move to Kansas City, Missouri was not only a economic development coup, but one that might persuade Kansas officials to talk seriously about ending the "border war" competition for companies within the metropolitan area.