Fidelity Security Life Insurance Request for Incentives Testimony: Kansas City Public Library
Below is the written transcript for Kansas City Public Library
Hello, I'm Janice Bolin, the director of finance at Kansas City Public Library, and KCPL supports economic development and appreciates that great companies want to remain in Kansas City. This certainly seems like a beautiful building and we do appreciate the lower incentive ask and the clawback being built into the project.
However, Kansas City Public Library can't support this project at the current requested level of abatement. The financial analysis shows that 10-years of a tax abatement keeps this project viable.
This project is not attracting new jobs to the area, it is simply a company relocating about six blocks or so. This is luxury office space, subsidized by public tax dollars that should go to schools, libraries, and Jackson County Mental Health Agency, among others.
Kansas City Public Library certainly understands the desire for Class A office space, but that should be to attract new companies and jobs to the area, not to provide public dollars to subsidize a Kansas City corporation.
This sets a dangerous precedent that any company wanting to relocate will demand tax incentives to stay in the city.
We appreciate the opportunity to provide testimony today and encourage the committee to turn down this request for public assistance. Thank you.