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Thu June 2, 2011
City Reveals Gain from Applebee's Move
KANSAS CITY, Mo. – Gradually, details become available on the twelve-million dollars worth of incentives given to Applebee's in luring its headquarters across the state line to Kansas City, Missouri.
City hall's portion was a well-kept secret. Council finance chair Jan Marcason noted in introducing a pair of ordinances that at last the city could disclose what a mysterious "Project Neighborhood" was all about.
It was about issuing aboput a million and a half dollars worth of Chapter 100 bonds.
Bob Langenkamp of the planning and development department said those bonds would make certain property publicly owned. The property is to then be leased back to the company over the ten-year term of the Chapter 100 bonds, which makes it tax exempt during that time period.
As explained, the deal would cost the city less than $20,000 a year in revenues, but would bring in over $300,000 in earnings tax from the 380 jobs gained - at an average salary of $90,000 a year.