The Incentive Reform we need in Kansas City
The current ordinance being introduced at City Hall is just not going to get us there.
Our official position with regards to the ordinance being introduced this week is that while it does address some of the concerns we have voiced over the years, this reform just doesn't go far enough.
KC TIF Watch believes that:
• The streetcar is a major incentive in its own right adding significant value to nearby property. It is unnecessary and poor policy to extract public services funding to pay developers to locate within such a heavily incentivized area.
• Market rate residential means high end. If market rate residential is contemplated, we must be truthful in defining market rate and call it “high income” residential. Development should be based on what the market will bear.
• People of all income levels should be able to live near the streetcar. To qualify for tax incentives, residential development near the streetcar must demonstrate that the majority of units will be affordable.
• Kansas City should not incentivize parking garages and should exclude them from tax incentive subsidies. If parking is needed, it should be financed from private sources.
• Except for continuously distressed areas, all incentives in Kansas City, should be limited to 50% for 10 years.