Redevelopment of Kansas City's Bannister Mall, which closed its doors in 2007, hinges on tax credits that are under scrutiny.

Kansas City TIF Commission approves additional Cerner funding

Sarah Darby July 17, 2014 0 Comments Cerner, Development, Kansas City Council, Kansas City Tax Increment Financing Commission, Tax Increment Financing, Three Trails

Redevelopment of Kansas City's Bannister Mall, which closed its doors in 2007, hinges on tax credits that are under scrutiny. — Cerner will redevelop a swath of land in south Kansas City once occupied by Bannister Mall. | Courtesy of Creative Commons

Kansas City’s Tax Increment Financing Commission has approved an additional $110 million in subsidies for Cerner’s 290-acre Three Trails project in south Kansas City.

The additional support would help pay for 50 acres of development not in the original plan. The company now seeks $1.75 billion in city and state support for the project, with $774 million of that coming from city-related tax increment financing.

The total cost of the project is now estimated at $4.5 billion, and the development is expected to house 16,000 workers. The company hopes the Kansas City Council will vote on the its revised development plan, which includes the additional subsidies, in August. Following approval, development is expected to begin later this year.

You May Also Like

Kansas City convention hotel financing nears final approval

Lamar Hunt Jr. Kicks Off Downtown Kansas City Revitalization Projects

Health Care Checkup: Express Scripts CEO to retire, Ford weighs health care co-op

Leave a Reply Cancel reply