|Economic Development Project Support
The Economic Development and Business Assistance Division works with staff of the City's Finance Department, Law Department and the Economic Development Corporation (EDC) to review and evaluate economic development projects. Projects are evaluated on the basis of public cost/benefits, feasibility and viability. Division staff is also involved in negotiating terms and conditions of any public investment in a project. Staff works cooperatively to determine the level of public funding needed for projects as well as negotiating the terms for repayment of any debt, profit sharing mechanisms, checks and balances to protect public dollars, and repayment of any debt backed by the City's credit. When construction starts, Division staff participates in construction/project management meetings and provides the necessary oversight and support to insure timely completion.
The division has been and continues to remain involved in a number of projects that utilize a wide range of financing and economic development incentive tools.
- Century Towers, a $20 million conversion of the former 10-story University Hospital into mixed-use office and residential complex.
- Renovation of the former Bank of America building at 10th & Baltimore. This historic building dowtown is now the central branch of the Kansas City Public Library. Several nearby buildings are were converted to lcondo and loft apartments.
- A complete restoration of the President Hotel, a prominent fixture in Kansas City's history. Financed by bonds issued by the City, Historic Preservation Tax Credits and Brownfield Tax Credits, this restoration included redevelopment of an entire city block with housing, retail and parking.
- The expansion and renovation of Salvation Army facilities at 10th and Tracy.