By Yael T. Abouhalkah, Kansas City Star Editorial Page columnist
The planned redevelopment of Bannister Mall hit another snag this week at City Hall. It's bad news for promoters of the plan, but good news for taxpayers so far.
The city staff on Monday responsibly did not sign off on a plan that might place KC taxpayers on the hook for guaranteeing bond payments for the project, which includes a new Wizards stadium, retail space and offices in southeast Kansas City.
That's a bummer for Three Trails Redevelopment, which is aggressively pursuing the worthwhile project.
The developers are having a difficult time getting financing in these tough times. So it wants some of the good credit of the city to help make the project possible.
Robb Heineman, Wizards presidents and a top official with the redevelopment team, said Tuesday that his group would continue to pursue all possible funding. A meeting with Missouri officials to finally nab $30 million in state tax credits is scheduled for next week.
Heineman said it was important to start work on the new stadium as soon as possible.
But the city staff, at least so far, is not ready to come aboard with any financing plan that puts millions of dollars of new debt on the back of taxpayers.
The city also is having trouble getting financing for some already approved projects. Interest costs have risen, and bond markets are still tight. Plus, the city faces $60 million shortfall in next year's budget already.
The upshot: City Hall should hold firm at this point in protecting taxpayers from unreasonable risks in financing even worthwhile projects.
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Um...
Well, you're a little late to be arguing against the TIF, as the city has already approved that almost a year ago now.
And you're somewhat in the minority when it comes to whether or not this situation is a good use for TIF. Granted, perhaps you're against TIF as a concept, but we can all agree that, despite ample opportunity for this area to recover with a project that can 'stand on its own financially', we've instead seen developments go up everywhere else.
TIF _has_ been abused in the past, but this is nothing like those situations... this situation is what TIF was made for - enticing developers to come redevelop blighted areas. You seem to think that we're doing the developer a favor with TIF - and yes, it is advantageous for the developer... but only to the extent so that we can convince the developer to come do _us_ a favor and get rid of the decay and replace it with shiny new buildings which attract more shiny new buildings, and jobs and businesses and...
But again, this isn't about that - this is about whether or not the city should be backing the debt for the project or not. Despite being overwhelmingly in favor of the project, I hope we don't have to have any of the funds backed by the city. The only reason the city should back the funds is if it is the only way to get the project up and running, and then it should be the smallest amount necessary to accomplish this.
The project needs to happen for many reasons. It sucks that the financial mess is occurring right when it needs to get started, but at some level we need to take our eyes off of how badly everything is doing and instead start looking at how we can turn things around. Projects like this one can possibly have a large part in that turnaround.
At this point I do not want to be funding this project in any...
way nor at any level of government - the people have all they can take care of right now with all of the bailouts and handouts going on. Also if this project comes about, the property taxes should be paid in full by the owners, whoever they may be - the community needs those tax dollars for the needs of the people - every entity including big biz and developers need to be paying their full share and not transferring their obligations to the average citizen. If a 100% TIF is allowed on this project as was discussed earlier you probably won't be seeing tax dollars from that project probably for 20 to 25 years or maybe longer. Fair and equitable taxation will bring about true economic development and all will be served. Let every project stand on its own financially - don't ask me as an average citizen to keep subsidizing the big boys - watch the news today and open your eyes as to what is happening to your bank account, 401K, savings, etc., etc.
Wizards stadium
If Missouri continues to mess around with this, they will once again lose out on a good thing. With the attendence success the Wizards have had to Community America ballpark this summer, I would not be surprised to see them looking at a location in that area for a permanent stadium.
This developement would bring an eye sore back to life.
laura scott
I see she is still listed as a member of the editorial board... didn't she just get cut loose? Or is Mark Zieman letting her become an Emeritus Member of the Board? Sorry for being so picky... as you know, it's not her I have any problem with.
another funk donor feeding at the municipal trough
I think you will find that Big Bob Heineman was a big Funkhouser For Mayor donor. I haven't tracked him past that but if you think it might be helpful Yael, I will be glad to do your job.
Wasn't Funk supposed to be against these kind of projects? And weren't the big time development lawyers an d other municpal trough feeders supposed to get the boot from City Hall?
I remember something like this when the Orange Revolution was alive.
Long Live the Orange Revolution, the Orange Revolution is dead...