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Tower Properties Seeks $14 Mil from Tax Increment Financing Commission

KANSAS CITY-A rebuilt parking garage is part of a larger, already approved, TIF plan. The new development would generate $14.3 million in new property, sales, earnings and utility taxes, according to Tower Properties.

By Judie Burkhalter | Updated on February 22, 2001

KANSAS CITY-A proposal before the Kansas City Tax Increment Financing Commission is calling for demolition of an aging parking garage in the 700 block of Main Downtown to make way for a new 750-space parking structure. Cost for the tear down and rebuild is being estimated at nearly $14 million, which is almost exactly the amount that the redeveloper is asking for from the TIF commission.

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.

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