Six Light

Come here for discussion about the new downtown entertainment district.
KCTOGA
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Re: Six Light

Postby KCTOGA » Thu Mar 16, 2017 3:59 pm

flyingember wrote:This is why I like the idea of multipliers on property taxes in certain zoning types, like UR districts where the goal is new construction or renovations.

The land and building value would remain the same, this would be a special assessment on the city property taxes.

Pick a random parcel downtown. Each parcel has a value which is changed by it's position relative to another parcel but is also largely based on the land use. This would be an assessment that applies as if this parcel would assess by the county for much more. ex if you are a parking lot surrounded by 5 story buildings you would special assess close to as if you're a five story building.

Each building has a multiplier based on distance and position. A building on the same block would be 0.9, on a corner across would be 0.95 and touching or across the street 1.0, whatever makes the most sense. Farther away the multipliers become 0.8, 0.6, 0.5, 0.3 and so on. These numbers would be before any abatements, it would be the true assessed value and city building value would apply to the math. The idea is the closest buildings have the most impact so they affect the assessment the most.

You feed these property tax values into a formula, subtract your city tax amount so this is on top of that number and pop out the special assessment. Could have something where you immediately reduce the number to zero if it's within 5 or 10% of your actual property cost.



This discourages teardowns. You can't get out of this tax by removing the building. it encourages building early, not waiting to be last, because your taxes creep up as other projects finish.

It encourages your project being the same size, quality and cost or better when you do build or renovate. You want a building that brings you to a zero multiplier or to be the building setting the rate for the area.



What does this allow? It allows stopping doing tax abatements for schools, library and such and move over to reducing special assessments in a bigger manner.

Take this special assessment and let the owner use it as a tax credit against the cost of renovation work, new building construction, tenant refinishes, historic building maintenance work, small improvements like adding bike racks or sidewalk seating and the like. Allow pooling. If you own two parcels combin the two to pay for a building renovation. Allow applying future credits for 3-5 years, where the owner picks the start and end dates. A smaller project surrounded by big ones could pay zero special assessment for several years but after that it would pay a lot. A bigger project might pay some or no special assessment for decades because it's big enough not to.

The idea is to minimize taxes through density and building before the tax can hit you, or hit as hard. It encourages large landowners to do work on any property to minimize their total downtown taxes. Commerce couldn't sit on a bunch of valuable parking lots and expect to pay almost nothing on them without doing major work on another property.
This is why I believe in the city dealing with a company like Cordish even if they might not come in the cheapest on a bid. As covered before, this company is sitting on nothing, rather is building as I am sure the city agrees with. On time, good quality, good looking buildings. Furthermore, obviously at this time in their construction schedule they are already looking to the future. This is a company the city should trust to stand by and deliver on their commitments. I for one am glad we have gone into a development project with a company that has Earned my cities trust. Other developers, bring 'em on, but as an old Dutchman once said "Trust but Verify"!

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Re: Six Light

Postby mgh7676 » Thu Mar 16, 2017 4:53 pm

When is Cordish going to develop the Midland Office building?

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Re: Six Light

Postby DaveKCMO » Thu Mar 16, 2017 9:46 pm

but surely the midland tower is not completely occupied with offices...

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ldai_phs
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Re: Six Light

Postby ldai_phs » Mon Dec 11, 2017 12:24 pm

DaveKCMO wrote:City Manager just mentioned that it's being discussed.

We should be hearing this announcement pretty soon right? ;-)

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Re: Six Light

Postby KCPowercat » Tue Feb 27, 2018 1:57 pm

4 and 5 being skipped?

Thanks for the info!

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Re: Six Light

Postby KCPowercat » Tue Feb 27, 2018 2:09 pm

Ahhh got it. Thanks.

A W would be a nice addition to the downtown hotel inventory.

kboish
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Re: Six Light

Postby kboish » Tue Feb 27, 2018 2:11 pm

Where is this located?

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Re: Six Light

Postby kboish » Tue Feb 27, 2018 2:27 pm

StrangerThings wrote:
kboish wrote:Where is this located?


H&R Tower Two.


Why not where 4 light was scheduled?

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Critical_Mass
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Re: Six Light

Postby Critical_Mass » Tue Feb 27, 2018 2:40 pm

StrangerThings wrote:
kboish wrote:Where is this located?


H&R Tower Two.


I thought that site was considered "Five" Light and "Six" was an undisclosed location.
So, no office component, then?

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Re: Six Light

Postby WoodDraw » Tue Feb 27, 2018 2:51 pm

I wonder what H&R Block is getting out of this. It'll be nice to get this spot unencumbered though.

Excited to see the plans.

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FangKC
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Re: Six Light

Postby FangKC » Tue Feb 27, 2018 3:02 pm

I'm still puzzled where Five Light is supposed to be. Is there another existing Cordish building engineered for a tower to go atop other than the H&R Block Tower 2 site? Or does Cordish have dibs on a parcel that isn't part of their original footprint--like the 14th/Baltimore/Wyandotte block? Or the vacant parcel west of the Power & Light Building? NE corner of 13th and Wyandotte West of the Clubhouse Lofts?

Or is Five Light just a renaming of the Midland Tower?
Last edited by FangKC on Tue Feb 27, 2018 3:09 pm, edited 2 times in total.

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LCDSI
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Re: Six Light

Postby LCDSI » Tue Feb 27, 2018 3:12 pm

When will this be announced? I'm surprised there hasn't been any announcement about three light, yet six light seems to be moving faster.

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Re: Six Light

Postby FangKC » Tue Feb 27, 2018 3:14 pm

Six Light is a hotel project, and doesn't have to meet the same criteria as residential demand would. Especially if a hotel operator has expressed interest to Cordish in occupying the building.

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DaveKCMO
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Re: Six Light

Postby DaveKCMO » Tue Feb 27, 2018 3:37 pm

So where does Five go?

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GRID
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Re: Six Light

Postby GRID » Tue Feb 27, 2018 5:10 pm

Somebody need to make a map of where these are going up at. I'm lost. Would this be hotel only or hotel plus residential? Also, one of the buildings is definitely Midland Tower. I'm surprised that is taking so long to get going. Maybe Cordish can make that affordable housing to get the city off their back about subsidizing parking garages for the new towers.

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Re: Six Light

Postby KCPowercat » Tue Feb 27, 2018 5:51 pm

This is closest to 13th and Baltimore. Above where that old nasty Japanese steakhouse was.

horizons82
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Re: Six Light

Postby horizons82 » Tue Feb 27, 2018 6:19 pm

5 Light has to go on the block bounded by Wyandotte, 14th & Baltimore. Right?

That location would allow for a continual front to the new capped loop. If you're funding that B.F.D., you want to max out your views of it.

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Re: Six Light

Postby FangKC » Tue Feb 27, 2018 6:36 pm

The lots across 14th Street to the north (west of the P&L Building) are already cleared, so that site might be more preferable for Five Light.

https://tinyurl.com/y8gebppk

https://tinyurl.com/y8ngzh9s

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Re: Six Light

Postby JBmidtown » Tue Feb 27, 2018 6:59 pm

I’ll be blown away if these actually all get built out.

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TheLastGentleman
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Re: Six Light

Postby TheLastGentleman » Tue Feb 27, 2018 9:09 pm

FangKC wrote:Is there another existing Cordish building engineered for a tower to go atop other than the H&R Block Tower 2 site?

I don't think so. Somebody correct me if I'm wrong, but I'm pretty sure the rows of blocks on top of the H&R 2 block are the tops of columns. I don't see that sort of pattern on any other of the buildings.


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