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http://www.kansascity.com/news/busin...213547439.html

With misgivings, KC Council approves tax breaks for Three Light

The Kansas City Council approved tax incentives Thursday for developers of the planned Three Light apartment building, but not without continued debate over the city's role in subsidizing luxury highrises downtown while the supply of affordable housing remains scarce.
The measure, which passed by an 8-to-4 vote, gives Cordish Companies, developer of the Power & Light District, a 100 percent property tax abatement for 25 years on the 300-unit building, scheduled for construction beginning in early 2019.
The benefit will be offset in part by payments from Cordish in lieu of taxes to Kansas City Public Schools, libraries and mental health programs — all of which depend on property tax revenue.
But that amount is far less than what would be generated over the next quarter-century if the project were completed without tax breaks. Under the agreement, Cordish's payment will amount to about $8.6 million over 25 years. Were Three Light built without the abatement, city officials estimate that Cordish would be obligated to pay $12.5 million.