OFFICIAL - Waddell & Reed - 14th & Baltimore

[normalthings]

Now maybe they can show some renderings.

[beermestrength]

“Frankly, I am appalled that Waddell & Reed is attempting to secure tax incentives from Kansas City for the purposes of moving their headquarters from Overland Park,” said Rick Perry, a former senior vice president. “I would caution the KC Council and others to be very careful in entering into ANY long-term financial arrangement with Waddell & Reed. The company may have been something in the past that it is NOT now.”

That sounds like sour grapes, but we don't have much context so who knows.

This may be a stupid question but I thought Kansas and Missouri came to some kind of truce on pouching companies from one another?

[moderne]

Approved with modifications in the deal. What were they?

[kboish]

The only modification I heard discussed was the abatement moved from 10 yrs 75% followed by 5 years 37.5% to 6 yrs.at 75% followed by 9 yrs at 37.5%. Fairly significant move. Apparently KCPS signed off on the deal at those levels.

[kboish]

“Frankly, I am appalled that Waddell & Reed is attempting to secure tax incentives from Kansas City for the purposes of moving their headquarters from Overland Park,” said Rick Perry, a former senior vice president. “I would caution the KC Council and others to be very careful in entering into ANY long-term financial arrangement with Waddell & Reed. The company may have been something in the past that it is NOT now.”

That sounds like sour grapes, but we don't have much context so who knows.

This may be a stupid question but I thought Kansas and Missouri came to some kind of truce on pouching companies from one another?

KS and MO did create a 'truce', but W&R was the last project initiated (supposedly) prior to that agreement and so was therefore 'grandfathered'. Additionally, the truce is in regards to direct incentives to the employer for hopping stateline.

What was voted on today was a property tax abatement for the property, which is in addition to the incentive the business itself received from the state of Missouri.

There is an additional element to the truce that limits property tax incentives to ten years for border hopping companies. Only KCMO needs to pass this portion because (i think) KS state law already effectively limits the length of time KS municipalities can offer property tax abatement's/incentives to ten years. The resolution to enact this limitation was on the docket today, but Lucas moved to hold that resolution until after the holidays.

[GRID]

https://www.bizjournals.com/kansascity/ ... rters.html

This is just insane. I guess I didn't really pay attention to the numbers. W&R is getting 100 million worth of incentives for a 148 million dollar project and for a relatively small 250,000 sq ft office building. And this is "reduced" as it was even more. These numbers are just mind boggling to me. The KC area should be selling this to the rest of the country. I don't get why companies from other states (not just kansas) are not tripping all over themselves to move to KC. I used to say the same thing about Kansas incentives. but I kind of get why so few out of town companies want to move to Kansas. But downtown kcmo is a decent place and should be able to compete with most other major cities. 300 million dollar office towers in other similar markets might get 20 million in incentives. Often there are no incentives at all. The KC area will give just about anybody 50% to over 75% of the project value in incentives. Does the rest of the country just not know about this or is KC really that hard to recruit to?

I'm still loving every moment of this though. I still think KC should not have done the truce now that KS started coming out on the losing end. KS wanted no part of the truce till the momentum shifted back to KCMO. Hopefully companies will still move back from KS to KCMO just because they "want to" for once rather than chasing ridiculous incentives.

[langosta]

https://www.bizjournals.com/kansascity/ ... rters.html

This is just insane. I guess I didn't really pay attention to the numbers. W&R is getting 100 million worth of incentives for a 148 million dollar project and for a relatively small 250,000 sq ft office building. And this is "reduced" as it was even more. These numbers are just mind boggling to me. The KC area should be selling this to the rest of the country. I don't get why companies from other states (not just kansas) are not tripping all over themselves to move to KC. I used to say the same thing about Kansas incentives. but I kind of get why so few out of town companies want to move to Kansas. But downtown kcmo is a decent place and should be able to compete with most other major cities. 300 million dollar office towers in other similar markets might get 20 million in incentives. Often there are no incentives at all. The KC area will give just about anybody 50% to over 75% of the project value in incentives. Does the rest of the country just not know about this or is KC really that hard to recruit to?

I'm still loving every moment of this though. I still think KC should not have done the truce now that KS started coming out on the losing end. KS wanted no part of the truce till the momentum shifted back to KCMO. Hopefully companies will still move back from KS to KCMO just because they "want to" for once rather than chasing ridiculous incentives.

WR is getting 0 incentives for a $148 million construction project. They are however getting $100 million in incentives for bringing $2.4 billion in new payroll to the city/state over 15 years. Taking the US's average MPC and that's a theoretical economic impact of $40 billion to KC and MO over 15 years. IRL the total economic impact will be lower since WR is close by so some of that money is probably being spent in the city/state anyways.

[kenrbnj]

Hopefully the sausage making is over with.

Now, let's hope for some excellent architectural styling; with the eventual building of critical mass for downtown.

A vocal exception to the events of 19-December: The board of education doesn't need money. The city of Kansas City has proven -- with national attention-- that money and educational outcome are decoupled. In the 1990's, when the court-ordered a (State) takeover of the the KC School District, money was spent lavishly with zero incremental outcome in educational quality.

Educational outcome about parental support. You know, Families and shit? Parent's don't act like responsible parents? Your kids have a propensity to fail.

When the Kansas City School District moans about "Denial of Educational Opportunity", I call (with facts and history to support) "Bullshit". This is "Carol Coe" era bullshit.

[KC_JAYHAWK]

Didn't HnR Block get about the same in incentives? I like their building, something similar to size of the HnR Block building would be fine I think. Although their garage is underground, which I would prefer in the W&R tower. But that will make a nice little financial district with both HnR Block and Waddell & Reed close together.

[nickyrosstheboss]

Didn't HnR Block get about the same in incentives? I like their building, something similar to size of the HnR Block building would be fine I think. Although their garage is underground, which I would prefer in the W&R tower. But that will make a nice little financial district with both HnR Block and Waddell & Reed close together.

and Strata and the new office building on Wyandotte by the Crown Plaza hotel

[beautyfromashes]

I’d much prefer incentives for projects like Strata than what happened with W&R. You likely get the same economic benefit outcome since the buildings are about the same size, but Strata will likely be filled with many smaller businesses. Each of those businesses have the potential to really grow into mid- or large businesses. I think 10 small businesses have a better growth rate than one mature W&R.

[normalthings]

As part of the agreement, the Council also will require the garage at the project to be open to the public from 5 p.m. to 7 a.m. Mondays through Thursdays, and from 5 p.m. Friday and 7 a.m. on Monday. An undetermined parking fee is expected to be charged.

Per Kevin Collison

[moderne]

By next autumn at least 4 tower cranes nesting in a close flock in the downtown loop.

[normalthings]

By next autumn at least 4 tower cranes nesting in a close flock in the downtown loop.

Hopefully a few pop back up in the Crossroads and City Market!

[normalthings]

The company still does not have a lease with a developer executed. Once that happens, Waddell & Reed hopes to have preliminary design work completed by the end of this year, with preliminary site work or demolition starting in the first quarter.

Per KC Biz Journal.

[langosta]

Dumpsters were full of interior contents. Demo must have started already.

[normalthings]

Foundation Permit:

Applied Date:12/20/2019
Description:Drilled piers for a new office building and parking structure at 1400 Baltimore.


https://compasskc.kcmo.org/EnerGov_Prod ... f8a078ad2

Grading Permit:

Applied: 12/20/2019
Description:Private grading for a new office and parking structure at 1400 Baltimore.

https://compasskc.kcmo.org/EnerGov_Prod ... 636b4f19c

[Riverite]

Why haven’t there been any public renderings if they are asking for incentives?

[normalthings]

Why haven’t there been any public renderings if they are asking for incentives?

WR is receiving incentives for moving their HQ to KCMO, not for building a new building. WR rejected the design in the drawings that Burns and Mac uploaded. B&M was sent back to the drawing board and is trying to complete something preliminary by the end of the month (December). Finally, WR has not yet signed a lease agreement with the developers. Once the paper work is completed and an actual design is selected and produced, we will see renderings.

[chaglang]

That BM would upload drawings that WR hadn’t approved (as seems to be the case) is very strange. Wondering if WR had approved something and then backed up when the drawings were not received favorably.