Costco will open its doors to shoppers in the Northland by spring 2017.
The wholesale retailer expects to begin construction at its newest location at the southeast corner of Missouri 152 and Platte Purchase Drive in August.
The Costco is part of a larger development that the Tax Increment Financing Commission of Kansas City considered on Wednesday.
Real estate firm MD Management plans to develop retail all around the Missouri 152/Platte Purchase Drive intersection, its attorney Jim Bowers said.
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Bowers said MD Management seeks tax increment financing to reimburse the developer for up to $59 million worth of public infrastructure work at the site.
TIF redirects future taxes generated by a real estate project to reimburse developers for eligible costs. An additional $6 million will come from Public Improvement Advisory Committee funds and public sources from Platte County, Bowers said.
The TIF Commission approved MD Management for the development incentive and voted on Wednesday to enter into a funding agreement to review the firm’s development plans.
The Kansas City Council, which has the final say on whether a project receives tax increment financing, was scheduled to take up the MD Management project this week but has instead delayed it for at least two weeks.
Steve Vockrodt: 816-234-4277