Answers about economic development and incentives:
- Incentive benefits received only after a project is built or jobs created, not before.
- Projects are rated using the AdvanceKC scorecard. (link to the new, consolidated AdvanceKC webpage – as noted below in second project)
- Redevelopment projects over $2 million are subject to additional analysis.
- New rules passed by the City Council now limit incentives.
Facts about the recent Waddell & Reed office building approval:
- More public parking downtown on nights and weekends.
- 900-plus new workers patronizing downtown businesses to start, with 120 more over six years.
- Full taxes paid after 15 years on an 18-story, $148 million office tower.
- Almost $870,000 in additional tax revenue paid to the city, net of incentives.
- Incentives will be pulled back if company fails to bring the jobs promised.
City incentives granted:
- Developer does not pay 75% of property tax on increased value during first six years, and 37.5% of property tax the next nine years.
- Construction materials sales tax exemption.
- 50% of economic activity taxes kept by developer for 15 years. These are applicable earnings, sales and utility taxes.
For more economic development information:
Visit our Economic Development Corporation to learn about incentive programs and the city’s development agencies.
Learn how the Central City Economic Development sales tax district works and its current projects.
Visit KC Streetcar.org to see how it has helped generate more than $2 billion in development projects
Visit the City Manager’s Office of Economic Development.