News from City Hall
City Communications Office
City of Kansas City, Mo.
CONTACT: Randall Landes, 816-513-1173
FOR IMMEDIATE RELEASE: May 31, 2012
City to retire $13 million in Century Towers bonds
The City of Kansas City, Mo., announced the redemption of more than $13 million in bonds originally issued by the Industrial Development Authority in 2001 for the purpose of financing the redevelopment of the old University Hospital Facility, which is now Century Towers. The funds from the redemption have been deposited with the trustee, and the bonds will be retired on July 2, 2012.
“The Century Towers project is an excellent example of how a public/private partnership can work,” said City Manager Troy Schulte. “The City provided financing and the developer delivered on the redevelopment, which in turn has spurred revitalization of the Independence Avenue Corridor.”
Century Towers is now fully leased with a mixture of City tenants and apartment residents, who are mostly students of the Kansas City University of Medicine and Biosciences. Throughout the term of the partnership, the City has achieved a break even position for the bonds and has been able to realize an agreed-upon share of profits as the project matured.
“As a developer, Jim Wiss has been an excellent partner to the City,” said Director of Finance Randall Landes. “After more than a year of work, he secured new private financing, which provided the funds to fully redeem the City’s bonds.”
The redeemed bonds were issued pursuant to Ordinance No. 010095.
Media inquiries concerning this issue should be directed to Director of Finance Randall Landes at 816-513-1173.