Finance Committee recommends approval of compromise plan for Bannister Mall area

12/12/07

Full Story - KANSAS CITY STAR

BY KEVIN COLLISON

A proposal to redevelop the Bannister Mall area with a project anchored by a Wizards soccer stadium was endorsed today following a compromise that won support from Mayor Mark Funkhouser.

The Kansas City Council’s Finance Committee unanimously recommended the Three Trails development be approved by the full council when it meets Thursday. The project calls for the closed Bannister Mall to be replaced by a 18,500-seat professional soccer stadium; 12-field tournament-style soccer complex; a 250-room hotel; 609,000 square feet of retail space; and 610,500 square feet of office space.

The project, valued at $949 million when fully developed, is seeking $273 million in public assistance, about $43.5 million through the super tax increment financing program. Last week, Funkhouser said that while he supported the project he would oppose super TIF for the project,

But a late amendment that would give the city the opportunity to remain engaged with the financing of the project while it is being reviewed for state assistance persuaded the mayor to drop his objections.

“The items in this amendment represent a reasonable deal for the city,” Funkhouser said. “This gives us time to stay engaged with the developer and get the support from the state it deserves.”

The mayor also said he now agrees with supporters of the project that state financial assistance for the project required the city to authorize super TIF. The financing plan for Three Trails includes about $30.8 million in state tax increment financing and tax credits.

Robb Heineman, president of OnGoal LLC, the owner of the Wizards, was pleased with the committee recommendation. The team says construction must start on a new stadium this spring so it would be ready for the 2010 season.

“What we’re most excited about is we have the mayor’s support,” he said.