Like a bad penny the Mark Twain Tower keeps coming back. It has been virtually tax-free since 1999 but the work was never completed!
Now, new developers want a 90% tax abatement to subsidize Yet Another Luxury Project, taxpayers guaranteeing private profit in a saturated market. This would make 30. Years. of Tax. Abatement. This project is on a slightly different landscape as it moves through the LCRA under the urban renewal plan guidelines.
We need affordable housing, not more urban renewal on top of what is there.
That being said, the project also qualifies for historic preservation tax credits and is being pushed as quickly as possible. We'll keep an eye on it but encourage our followers to read the latest news was recently printed in the Kansas City Star.
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EDC needs to hand out tax subsidies to generate fees, then they'll attempt real economic development.