Tool in KC to Close Funding Gap in Redevelopment Project
A new financing tool, Property Assessed Clean Energy funding, is helping redevelopers convert a former paper warehouse in Kansas City's Crossroads Arts District to apartments. The redevelopers won $623,000 in this type of financing.
MO Tech Corporation Approves $2.6M in Co-Investments
The Missouri Technology Corporation (MTC) approved 10 innovative Missouri companies for $2.6 million in early stage capital co-investment awards to help support their growth and spur job creation.
Nodaway County's Gravel Tax Helps Pay Off TIF Debt
Starting in the 2016-2017 fiscal year, a portion of the Nodaway County half-cent gravel tax will be applied toward paying off the Maryville Town Center Tax Increment Financing (TIF) project.
MO to Issue $97M in Bonds for State Mental Hospital
The state of Missouri is issuing nearly $100 million in bonds as the final funding piece for construction of a new state mental hospital campus dating to before the Civil War. The cost of this project is expected to be $211 million.
St. Louis MLS Stadium Seeks $40M from State, $80M from City
An application for $40 million in state tax credits for building a Major League Soccer stadium downtown also reveals more details about an ownership group's plan to bring a team to St. Louis. The city's application is in addition to the $80 million for stadium construction that city voters may be asked to decide in April.
St. Louis to Issue $108M in Bonds for NGA Project
The effort to build a new western headquarters for the National Geospatial-Intelligence Agency (NGA) in north St. Louis is moving forward. The U.S. Department of Defense is allowing the city to enter an option agreement with the U.S. Army Corps of Engineers for the property where the facility will be built.
KC TIF Commission Advances East Side Revitalization Effort
Roughly $500,000 a year in earnings tax revenue paid by employees of Kansas City Public Schools would be diverted from city coffers into improvements within a 20-block-long swath of the city's East Side under a tax increment financing plan.
Variety of Financing Tools Used to Fund $82.2M St. Louis Project
Green Street's mixed-use Armory Project's financing toolbox includes the formation of a Community Improvement District (CID), Transportation Development District (TDD), tax abatements, $7M in state Historic Tax Credits, $5M in federal Historic Tax Credits, and $1.1M in state Brownfield Tax Credits.
$103M Redevelopment of Vacant St. Louis Building to Utilize TIF
Dallas based developer Alterra International is expected to request $17.4 million in tax increment financing (TIF) to help fund the development. Alterra also plans to utilize a Community Improvement District, Transportation Development District, state and federal historic tax credits and Brownfield tax credits.
KC Wonder Bread Building to Use Historic Tax Credits in $15M Redevelopment
The Planned Industrial Expansion Authority (PIEA) approved a tax abatement to assist with the redevelopment of the Wonder Bread building. The PIEA plan abates 100 percent of the property taxes for the first 10 years, followed by a 7-year, 43 percent abatement. Additional financing is coming from state and federal historic tax credits.
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