May

25

PIEA curbs Crossroads tax abatements

May 25, 2007 |

There was (comparatively) lively discussion at today’s meeting of the Planned Industrial Expansion Authority and a final decision that sends the message to residential condo developers: The Crossroads Has Arrived. In short, the typical “10-year 100% abatement/15-year 50% abatement” orgy is over, with fresh voices joining the PIEA and City Council (the Council appoints PIEA members), reigning in what had become one of two unwieldy economic development tools downtown (the other, of course, being TIF). Victim #2 is the Haden Lofts, a condo conversion of the old Awesome Lofts at 2109 Broadway. Victim #1 was The Broadway, the first new residential construction in the area since earning its arts district designation. Both projects will only receive 100% property tax abatement for 10 years, with full tax responsibility after that. We call it “trickle-down Funk”.


Comments

4 Comments so far

  1. Tony on May 25, 2007 12:02 pm

    Wow! Only 100% property tax abatement for 10 years!!!!

    I can hear po’folk all over KC cheering.

    Not really.

    This is the kind of news that I’m sure excites City Auditors around the nation. However, it seems like most people still might see this as a free ride and not much of a Funking change.

  2. kiki on May 25, 2007 12:14 pm

    Did you see they pulled the plug on the Buzz Blog? It’s toast.

    http://buzzblog.kcstar.com/

  3. nfuamlpynb on June 18, 2007 8:54 am

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  4. Tim Schaffer on June 25, 2007 9:13 am

    Is there a website that shows all 353 projects in KCMO and the dates for which the 353 expires?

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