An amended tax increment financing agreement for the largest development project in Missouri history won unanimous and final approval Wednesday from the Kansas City Tax Increment Financing Commission.
The agreement will reimburse Cerner Property Development Inc. about $1.75 billion of the $4.45 billion in costs to build Cerner Corp.’s planned office campus in south Kansas City.
The project, which includes about 4.7 million square feet of office and commercial space, is to be built in stages through 2032. It broke ground in late 2014, and construction on Cerner’s first two office towers is underway.
Cerner, the North Kansas City-based health care information technology company, says the development will add 16,000 new Cerner jobs within 10 years. The promise of job creation, which would add earnings taxes to the city’s tax rolls and other income to the state and county, has been the big draw to obtain public development incentives.
Read more: Kansas City Star