Panel Approves Tax Incentives For Burns & McDonnell Expansion

The Tax Increment Financing Commission of Kansas City approved incentives worth $42 million to support a $232 million project to expand Burns & McDonnell’s headquarters.

A VanTrust Real Estate LLC partnership plans to redevelop a 17.5 acre-expansion site with two office buildings totaling 700,000 square feet, 340 surface parking spaces and a 1,583-space parking garage. The expansion is expected to accommodate the addition of 2,100 Burns & McDonnell employees during the next decade.

To help cover development costs, the TIF Commission recommended a 23-year diversion of 50 percent of the utility tax revenue to be generated by the project. The developers will ask the City Council next week to pass another incentive, which would abate 100 percent of new property tax revenue for 15 years followed by 50 percent for 10 years.

Read more from the Kansas City Business Journal

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