Edgemoor Infrastructure & Real Estate on Thursday stood on the brink of losing a $1 billion deal to design and build a new Kansas City International Airport terminal after a super-majority of the Kansas City Council rejected a proposed agreement.
And while the firm survived a hectic Thursday council meeting, it could still lose the job.
By a margin of 9-4, councilmembers threw out a memorandum of understanding with Edgemoor, the product of negotiations between the firm and the city’s hired legal team from Husch Blackwell.
They expressed concerns about the agreement’s vague terms, insufficient community benefits and worries about a provision that could pay Edgemoor up to $30 million if the deal never closes.
Geoffrey Stricker, managing principal for Edgemoor, left City Hall before Councilman Barnes introduced a resolution that would immediately end further negotiations with Edgemoor. Barnes, who has made no secret of his unhappiness with Edgemoor, said the city was at an impasse with the Maryland firm.