Years ago, Kansas City shelled out millions in tax incentives for the Power & Light District, and their luxury high-rises like One Light and Two Light. Now Three Light is on the drawing board, and you'll NEVER guess what it needs to get built.
Unless you guessed tax abatements, then you'd be right.
Three Light barely passed through an advisory panel, with Commissioner Daniel Edwards saying he was, "embarrassed for our city."
In December of 2016, a report initially determined Three Light wouldn't need any abatement. But the numbers were revised after the developer, Cordish, revised it's projections down to be more conservative.
From the Kansas City Star:
*According to the analysis, Cordish cited concerns about a large supply of luxury apartments in downtown Kansas City, making it more difficult to compete. But a "meaningful share of the competition" for Three Light comes from Cordish's own One Light and Two Light buildings, which both received assistance.
"There is therefore a somewhat circular argument for assistance — market pressure from the developer's own projects is reducing the projected project cash flow, thus indicating a need for greater public assistance," the report says.*
Every day is a great day to be rich in America.