Cerner Corp.’s plan to build the biggest office development in Kansas City history was endorsed by a council committee and is expected to receive full council approval today. Cerner is proposing a 4.5 million-square-foot campus that would be developed in 14 phases over the next 10 years on the site of the former Bannister Mall at Interstate 435. The redevelopment plan for the Cerner campus calls for 38 percent of the cost to be reimbursed by future tax revenues generated by the project.
Also in Kansas City, the Tax Increment Financing Commission endorsed a redevelopment plan that would restore the historic luster of the Savoy Hotel and Grill. A company plans to spend $47.5 million renovating the red-brick hotel that houses the Savoy Grill. The total value of the development, including interest costs over the 23-year life of the TIF plan, would be $89.2 million.
In St. Louis, a committee of aldermen gave its blessing to financing for the massive NorthSide project. Along with setting up small pots of money for neighborhood planning and home repair, the bill — which approves $390 million in tax increment financing for the giant project — now requires NorthSide to comply with the city’s First Source Jobs Policy, which mandates that unemployed city residents get priority for entry-level jobs.