The incentive package for the Katz project shouldn't have been as big as it was requested for and the timeframe should've been shorter. Without the streetcar currently in operation in the area, you wouldn't be able to fetch the same rent as you could if the Streetcar was already in operation. A tax abatement period of no more than 5 years for this project would've likely been a better scenario since that would cover the construction period of both the development and streetcar and allow the building to fill up.earthling wrote: ↑Mon Jun 28, 2021 3:11 pmOnly a portion if requesting incentives but an entire public use project would work fine for this building too if someone wealthy would step up.Might as well just make everything in the building publicly accessible at this point.
This might come across as a shock but it is possible to build market rate units without incentives, especially along something as highly desirable as all amenities along streetcar. Any reasonably functional area can build market rate w/out incentives elsewhere.
KC needs to transition away from wide open incentives. You are saying that developers won't build at all unless there are incentives they like. That's a problem if KC can still only get things done unless there are extra incentives. In areas that need a boost sure, but the streetcar line is in itself the boost needed for that stretch. Piling on incentives just to get things done is a terrible precedent to set. Actually it's a bad habit already established that needs more scrutiny and now that's in play. Let the market play out w/out incentives except in areas/situations that truly need the boost. Should incentives be used to save the Plaza church for an otherwise private project?
And I'm not saying that developers won't build unless there are incentives they like. What I'm saying is that not all developers can afford to develop without incentives at this point in time. In a couple years maybe, but not right now. In the case of Katz, I put what I thought should've happened in the post above. Additionally, for Katz, even a tax abatement here for the period requested would've still resulted in tax revenue going to the City of KC whereas the property right now contributes $0.
As for the Plaza Church, to me, that's a much different situation. The Plaza, despite losing tenants in the shopping area, is still doing relatively well from my observations. Therefore, it doesn't qualify for incentives like the 39th/Main/Westport intersection would, only those incentives shouldn't be greater than a 50% tax abatement for 10 years or the duration of the streetcar's construction, whichever is shorter.
Incentives are a controversial issue as-is, and will continue to be. It's just the way things are.
I hate figuring out sarcasm online sometimes
