Requests from KC on hold as Missouri board backs tax credits for Gateway Arch
06/17/2014 6:09 PM
06/17/2014 6:19 PM
A Missouri board delayed decisions on two Kansas City projects Tuesday while granting up to $15 million of tax credits to help finance the redevelopment of the Gateway Arch in St. Louis.
The Kansas City projects involve renovations to the National World War I Museum at Liberty Memorial and a grocery store development spearheaded by Truman Medical Centers at 27th Street and Troost Avenue.
The Missouri Development Finance Board delayed consideration of the Kansas City projects and two others after Gov. Jay Nixon’s administration expressed concerns about state finances.
Revenue collections are running short of budget projections, and it’s possible that lawmakers in September will override vetoes of tax-break bills that Nixon says could reduce state revenues by up to $425 million annually.
The tax credits for the Arch would be used to leverage private contributions for the renovation and expansion of a museum underneath the monument. Donors could take credits amounting to 50 percent of their gifts.
Charlie Shields, who is to take over as president and CEO of Truman Medical Centers in July, was the only representative of the other projects to attend Tuesday’s meeting. He said the delay should not affect the grocery store development, which is scheduled for a groundbreaking this fall.
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