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Polsinelli Shughart HQ @ West Edge

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Polsinelli Shughart HQ @ West Edge

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FangKC

Mark Twain Tower

Joined: Sun Jul 27, 2003 4:02 am
Posts: 9516
Location: Old Northeast -- Indian Mound

Re: Polsinelli Shughart HQ @ 47th/Broadway

PS must have heard about the rising crime rate in Johnson County.

Oh, and the growing poverty there.

http://www.kansascity.com/2011/08/30/3109523/steve-rose-poverty-remakes-county.html

Wed Aug 31, 2011 11:43 pm

FangKC

Mark Twain Tower

Joined: Sun Jul 27, 2003 4:02 am
Posts: 9516
Location: Old Northeast -- Indian Mound

Re: Polsinelli Shughart HQ @ 47th/Broadway

Star editorial about PS and West Edge solving two long-term problems.

http://www.kansascity.com/2011/08/30/3110470/the-stars-editorial-new-plaza.html

Thu Sep 01, 2011 1:22 am

pash

Valencia Place

Joined: Sun Feb 20, 2011 8:47 am
Posts: 1505

Re: Polsinelli Shughart HQ @ 47th/Broadway

Polsinelli Shugart have got to be cackling with glee about their new Safdie-designed parking garage.

Thu Sep 01, 2011 5:04 am

KCMax

Global Moderator

Joined: Wed Aug 04, 2004 9:31 pm
Posts: 22196
Location: The basement of a Ross Dress for Less

Re: Polsinelli Shughart HQ @ 47th/Broadway

Polsinelli Shughart’s West Edge HQ choice begs for details about deal


	Quote: Chase Simmons, a real estate finance lawyer with Polsinelli, said only that West Edge developer Caymus Real Estate LLC will work to restructure the TIF plan. “In my mind, the proposal will have a lot of similarities to what is currently in place but, like a lot of other parts of this stalled project, the incentive does need to be adjusted,” Simmons said in an email. Caymus Principal Dave Harrison said the garage still requires millions of dollars’ worth of construction work. Harrison said Caymus probably also will seek construction loans from banks. A request for state incentives is expected to go before the Missouri Development Finance Board later this month.

They also considered the Mission Gateway, Valencia II on the Plaza, and 12th and Grand.

Fri Sep 02, 2011 2:56 pm

mudjack

New York Life

Joined: Fri Jun 19, 2009 5:07 pm
Posts: 436

Re: Polsinelli Shughart HQ @ 47th/Broadway

So, does this kill the deal or is it just a distraction?

http://www.bizjournals.com/kansascity/b ... e_kan_rdup

Fri Sep 02, 2011 3:38 pm

KCMax

Global Moderator

Joined: Wed Aug 04, 2004 9:31 pm
Posts: 22196
Location: The basement of a Ross Dress for Less

Re: Polsinelli Shughart HQ @ 47th/Broadway

Without seeing the suit I would guess a distraction.

Fri Sep 02, 2011 3:41 pm

KCMax

Global Moderator

Joined: Wed Aug 04, 2004 9:31 pm
Posts: 22196
Location: The basement of a Ross Dress for Less

Re: Polsinelli Shughart HQ @ West Edge

With West Edge nightmare ending, restaurateur has reasons to rejoice

Tue Sep 06, 2011 5:10 pm

Stockton

Colonnade

Joined: Sun Jun 12, 2005 7:49 am
Posts: 779
Location: KCMO

Re: Polsinelli Shughart HQ @ West Edge

Seems like this is a good time for somebody to step up and place a grocery store near the Plaza. Hen House???

Wed Sep 07, 2011 8:13 pm

FangKC

Mark Twain Tower

Joined: Sun Jul 27, 2003 4:02 am
Posts: 9516
Location: Old Northeast -- Indian Mound

Re: Polsinelli Shughart HQ @ West Edge

KC may seek $7.5 million in tax credits for West Edge developer.

This appears mostly for the demolition of the present structure.

http://www.bizjournals.com/kansascity/news/2011/09/26/west-edge-may-seek-state-tax-credits.html?ed=2011-09-26&s=article_du&ana=e_du_pub&page=all

Tue Sep 27, 2011 1:51 am

grovester

Valencia Place

Joined: Fri Mar 14, 2008 1:30 am
Posts: 1849
Location: KC Metro

Re: Polsinelli Shughart HQ @ West Edge

Man that looks bad. A gift for people against redevelopment tax credits.

Tue Sep 27, 2011 2:39 am

KCMax

Global Moderator

Joined: Wed Aug 04, 2004 9:31 pm
Posts: 22196
Location: The basement of a Ross Dress for Less

Re: Polsinelli Shughart HQ @ West Edge

TKC EXCLUSIVE!!! CHECK THIS LIST OF PRICEY PLAZA FACTS AND QUESTIONS!!!


	Quote: Some questions for Polsinelli Shughart a. The project already has tax increment financing. Why are these unprecedented concessions being requested? b. How can the City Council find the Project will promote the economic well-being if no taxes are collected and to help provide services from the City? c. Why should the City provide these incentives when the Highwoods proposal would not have required any such incentives? d. Have Jackson County and the School District approved these concessions? e. Why should KCMO residents vote to approve the earnings tax when the City Council gives the tax to a wealthy law firm? f. What's stopping every business in KCMO from threatening to move to Kansas in order to request the same concessions from the City? What tax base will be left if concessions are granted for business not to move? g. What is the value of the concessions? How much benefit is being provided to the Polsinelli Shughart and how much additional profit for Cecil Van Tuyl? h. Why not just say no?

Tue Nov 29, 2011 5:58 pm

kcjak

Alameda Tower

Joined: Thu Nov 29, 2007 9:02 pm
Posts: 1082

Re: Polsinelli Shughart HQ @ West Edge

KCMax wrote:

TKC EXCLUSIVE!!! CHECK THIS LIST OF PRICEY PLAZA FACTS AND QUESTIONS!!!


	Quote: Some questions for Polsinelli Shughart a. The project already has tax increment financing. Why are these unprecedented concessions being requested? b. How can the City Council find the Project will promote the economic well-being if no taxes are collected and to help provide services from the City? c. Why should the City provide these incentives when the Highwoods proposal would not have required any such incentives? d. Have Jackson County and the School District approved these concessions? e. Why should KCMO residents vote to approve the earnings tax when the City Council gives the tax to a wealthy law firm? f. What's stopping every business in KCMO from threatening to move to Kansas in order to request the same concessions from the City? What tax base will be left if concessions are granted for business not to move? g. What is the value of the concessions? How much benefit is being provided to the Polsinelli Shughart and how much additional profit for Cecil Van Tuyl? h. Why not just say no?

i. What are the consequences of saying no?

j. Why not direct all of these questions to the Save our Plaza contingency?

Tue Nov 29, 2011 6:27 pm

KCMax

Global Moderator

Joined: Wed Aug 04, 2004 9:31 pm
Posts: 22196
Location: The basement of a Ross Dress for Less

Re: Polsinelli Shughart HQ @ West Edge

Kansas City crafts an incentives package for Polsinelli at West Edge


	Quote: The package involves the city issuing as much as $200 million in industrial revenue bonds. It would own the development abutting the Country Club Plaza for 25 years, thus removing it from the property tax roll and making the project eligible for $7.5 million in Missouri tax credits..

Fri Dec 02, 2011 3:50 pm

kcjak

Alameda Tower

Joined: Thu Nov 29, 2007 9:02 pm
Posts: 1082

Re: Polsinelli Shughart HQ @ West Edge

$250 million and no property taxes for 25 years? I don't even know what to say...

Fri Dec 02, 2011 4:38 pm

bobbyhawks

Broadway Square

Joined: Mon Dec 04, 2006 7:19 pm
Posts: 2789

Re: Polsinelli Shughart HQ @ West Edge


	kcjak wrote: $250 million and no property taxes for 25 years? I don't even know what to say...

That sounds crazy. There must be a real threat of them going to Kansas. Either that or businesses have just learned they can pout long enough to get someone to bend over backwards.

Fri Dec 02, 2011 4:57 pm

kboish

Colonnade

Joined: Mon Nov 26, 2007 6:25 am
Posts: 980
Location: Columbus Park

Re: Polsinelli Shughart HQ @ West Edge

I need some more explanation on what this means. Sounds crazy off hand and I don't have access to the full article on the bizjournal.

Fri Dec 02, 2011 5:20 pm

KCMax

Global Moderator

Joined: Wed Aug 04, 2004 9:31 pm
Posts: 22196
Location: The basement of a Ross Dress for Less

Re: Polsinelli Shughart HQ @ West Edge

The Industrial Revenue Bond (from what I understand) is similar to TIF in that the city raises the construction costs through the sale of bonds, then the project pays back the bonds. However, unlike TIF, the city is not on the hook should the project come up short on revenues to pay the bonds back.

I think the bigger deal is they wouldn't pay property tax for 25 years.

Fri Dec 02, 2011 5:34 pm

kboish

Colonnade

Joined: Mon Nov 26, 2007 6:25 am
Posts: 980
Location: Columbus Park

Re: Polsinelli Shughart HQ @ West Edge

Ok, I kind of figured the 200mil figure would be paid back...better that the city isn't on the hook for it.

Yea, it's stupid we forgo tax revenue so we don't loose tax revenue...sucks.

Fri Dec 02, 2011 6:26 pm

taxi

Colonnade

Joined: Thu Feb 08, 2007 6:32 am
Posts: 891
Location: North End

Re: Polsinelli Shughart HQ @ West Edge

Why should a building full of lawyers pay property taxes?

Fri Dec 02, 2011 7:11 pm

zonk

Alameda Tower

Joined: Sun Oct 12, 2003 6:07 pm
Posts: 1123
Location: downtown

Re: Polsinelli Shughart HQ @ West Edge

But seriously $200+ mil? I can see another $100ish mil for the new building (which is crazy expensive), maybe another few points for bond fees, counsel, insurance, etc....But someone is making some serious $$ on this one.

The WE may turn out to be close to a 1/2 billion dollar project when all is said and done.

Kind of funny that they could be under construction at the Neptune location with ZERO incentives by now.....Thank you Save the Plaza!

Fri Dec 02, 2011 7:57 pm

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