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Fri October 12, 2007
First TIF Deal Passed by KC Council
By Steve Bell
Kansas City, MO – The Kansas City, Missouri City Council passed its first Tax Increment Financing deal since the city's new policy on business incentives took effect. KCUR's Steve Bell reports.
The council approved $4.8 million in tax breaks for Andrews McMeel Universal's move to the old Boley Building downtown. Some questioned whether the TIF, which has a negative financial impact on city coffers, would have the blessing of Mayor Mark Funkhouser, who initiated the new more restrictive policy on tax breaks for business. But the mayor voted yes along with all other council members.
The mayor and council said the schools provision, which has not been made public, along with job growth, benefits to downtown and sections limiting the city's contributions offset the bottom line. Steve Bell, KCUR News.