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Thu November 17, 2011
Council Approves $15 Million Legal Settlement
By Steve Bell
KANSAS CITY, Mo. – The Kansas City city council gave final approval Thursday to a $15 million settlement with the developers of the failed Citadel Plaza shopping area on south Prospect
Counclman Michael Brooks said it was a painful step, but one necessary for the city to move ahead.
Brooks commented, "This is just another item we add to the list of things we have to clean up... that bad decisions were made on in the past. Not to say anything about the previous council, but there's a number of issues we had to straighten out."
Brooks says on the positive side, the city now owns the land and can look for another developer for the site.
The city attorney said allowing the lawsuit to go to court could have cost the city twice as much.
If and until the site starts producing tax revenue, it will cost the city about $1.7 million a year to pay on the settlement and additional expected costs for land and environmental clean up.