Tower Properties has estimated that over the next 23 years, the new garage would generate $14.3 million in new property, sales, earnings and utility taxes.
The property is owned by Commerce Bancshares Inc. The proposal was submitted by Tower Properties Co., a redevelopment firm that works with Commerce Bancshares. Five years ago, the city approved a larger-scaled TIF plan for Tower Properties, part of which would include the garage.
In the larger, already approved proposal, plans call for construction of 2,000 new parking spaces, more than 1 million sf of office space and the renovation of the former Federal Building at 911 Walnut St. In the last few weeks, the owner of the former Federal Building announced his plans to put $9 million into the renovation of the building. He, too, will likely ask for TIF financing.
In all, the Tower Properties plan calls for approximately $175 million in development and redevelopment. Public funding has been estimated to be about half that amount.
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