KANSAS CITY, Mo. — The Port KC Board of Commissioners is set to meet in a special meeting Monday to review an economic development package for the potential redevelopment of the Country Club Plaza.
An agenda released Friday by Port KC shows commissioners will be asked to express their intent to issue conduit bonds of up to $1.4 billion over multiple series. Commissioners will also be asked to allow Port KC officials to continue to negotiate a memorandum of understanding with the developer, which could include property tax incentives for a period of up to 30 years.
Port KC staff are recommending the board approve the agenda item. The virtual meeting is set for 2 p.m. Monday.
The incentives package first came before the Port KC board at a meeting on Nov. 17. After a lengthy public comment period, officials tabled the item to a future meeting.
“We look forward to continuing our conversations with Port KC, the taxing jurisdictions, and other stakeholders related to the future of Country Club Plaza and our partnership with Port KC and the City,” a Plaza spokesperson said following the Nov. 17 meeting. “We understand that Port KC will hold this item to allow additional time for continued conversations and further collaboration. We are grateful for the additional time and we will share more information in the future.”
Negotiations on the memorandum of understanding between Port KC and the developer, Dallas-based Gillon Property Group, could include payments from the developer to taxing jurisdictions like schools and libraries.
Kansas City Public Schools Superintendent Dr. Jennifer Collier submitted a letter to Port KC on Dec. 12 to express opposition to the property tax exemption.
In the weeks following the Nov. 17 meeting, Plaza officials have held public listening sessions and presented their broad vision for changes on the Plaza.
On Dec. 17, developers took an important step forward after the Kansas City, Missouri, Planning Commission approved the “Master Plan Development” for the Plaza. The KCMO City Council still needs to approve the measure.
There remains some level of urgency to strike a deal.
On Friday, longtime Plaza anchor tenant Lockton announced it would move its Plaza headquarters to Interstate 435 and State Line Road in Leawood in a $765 million development.
The move was made possible after the Leawood City Council approved an incentives package worth more than $125 million.
—
