City Council members are pushing forward with two development deals to help revitalize areas of Kansas City.
But the politicians and city staff must be vigilant in each case, given the financial risks involved.
Supporters of the Citadel Plaza at 63rd Street and Prospect Avenue want a $20 million cash advance from the city.
The Community Development Corp. of Kansas City says it wants to quickly move to buy more property in the area for its planned retail project, and not wait on the sale of bonds to raise that money.
If this deal goes sour, current terms call for the city to get the property being acquired by the developer. But is that a good enough deal for taxpayers?
Elected officials must make sure the developer has met requirements in its contract — such as cleaning up environmental problems — before handing over any cash.
This long-delayed project has had many problems. One financial expert has told the city it’s a risky investment, especially in a tight economy.
Backers of Bannister Mall redevelopment continued pressing this week for more public assistance for a proposed Wizards stadium, retail shops and offices in southeast Kansas City.
The city staff has been properly cautious about moving ahead with any plan that could provide city guarantees for bonds issued for that project. The official City Council position adopted in 2007 is not to provide city-backed bonds for that redevelopment.
Council members should not change that stance unless they provide the public with good reasons to place more burden on taxpayers to finance the project.







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sorry, cdrrrrrrrrr
Actually, I'm not. Anyway, I was responding to the content this time, not to him. Are you the self-annointed table cop, 'cause I thought Interface was? Next time you send out the email PLEASE cc me on it - many thanks!
gfp: You must be living in a different world than I am here...
in Jo. Co. which thrives on tax incentives, tax abatements, tax refunds, TIF's, industrial revenue bonds with pay-in-lieu payments, etc., etc. resulting in the loss of billions of tax dollars while the elected officials continue to cater to big biz and developers. Look to see where city council members and county commissioners get their campaign funds from - the money is not coming from the good ole Joe Blow average citizen for the most part but from those who want the handouts to continue so they may line their pockets at the expense of the masses. Know what is going on in your backyard.
gfp
hey gfp, i thought you were going to start ignoring yael...chill out man...as you said, you don't even live there, you're a joco snob.
lol - hey, what about the
lol - hey, what about the property tax that Union Station is going to beg for to bail themselves out of a lousy business plan?
It never ends in KC, thank you God that I don't live there and have to face this bottomless pit of evaporating tax dollars.