Downtown Kansas City Aladdin Hotel Earns EPIC Incentives

The tax breaks are pretty standard but here's what stands out . . .

Local leaders still push the sketch idea that NOBODY CAN/WILL BUILD IN KANSAS CITY WITHOUT TAX BREAKS. 

That's a sketchy premise, a self-fulfilling prophecy and evidence that HUNDRED OF MILLIONS WORTH OF INCENTIVES have FAILED to build any demand or momentum insider the loop.

Check-it . . .

"Port KC's incentives for the Aladdin Hotel conversion are to include a 25-year property tax exemption, at 100% for the first 10 years and 75% for the remaining 15 years, as well as a sales tax exemption on construction materials. The agency described the first 10 years as a property tax "freeze" because though increased taxes resulting from the project would be exempted, the building would keep making tax payments based on its present undeveloped value during that window.

"According to Port KC data, the property tax exemption is valued at roughly $6.6 million over its 25-year life. During that time, the developers would make payments totaling roughly $1.8 million to affected jurisdictions, or up from an estimated $1.2 million if it were left vacant.

"Without the exemption, Port KC CEO Jon Stephens said there's "not a chance" the conversion could attract the financing needed to be a viable project, given improvements necessary at the structure."

Read more via www.TonysKansasCity.com link . . .

Port KC backs $37.6M Aladdin Hotel apartment conversion with incentives - Kansas City Business Journal

Is the vacant Aladdin Hotel at last on a magic carpet ride toward an apartment conversion? A Port KC incentive vote puts the answer closer to a "yes."