The Kansas City Council approved city subsidies for the proposed Cerner Corp. campus in south Kansas City.
The 290-acre campus for the North Kansas City-based health care IT company would cost an estimated $4.45 billion, including $2.32 billion in construction costs and $2.12 billion in carrying costs.
The incentives were endorsed Wednesday by the council’s Planning, Zoning & Economic Development Committee. The committee recommended $1.745 billion in incentives for the Cerner project, requiring the council to pass two ordinances.
One ordinance provides for $773.8 million to come from tax increment financing under a 23-year plan to capture all new property taxes and half the economic activity taxes generated by the project. The other provides for $317 million from a “super TIF” that captures the second half of the project’s economic activity taxes.
That will allow Cerner to use that money to finance the project, rather than paying those property and a portion of the economic activity taxes.