All articles tagged with #tax increment financing
Kansas City officials and Royals owner John Sherman unveiled new renderings for a $1.9 billion downtown stadium, targeting a 2030 opening. The design features 34,000 seats, expanded fountains, and a 3D Crown Vision scoreboard. While city leaders highlight economic benefits, critics dispute the 'blight' designation required for public funding, arguing resources should address underserved neighborhoods instead.
The Kansas City Royals and architect Populous unveiled updated renderings for a new $1.9 billion stadium at Crown Center, targeting a 2030 opening. The design features 34,000 seats, a larger 3D Crown Vision scoreboard, and expanded fountains. While the Royals emphasize an intimate, pedestrian-friendly experience, critics dispute the 'blight' designation used to justify public funding, arguing resources should address underserved neighborhoods instead.
Kansas City’s City Council approved three ordinances on October 8, 2026, finalizing the local legislative steps for a new downtown Royals stadium. The package includes a rezoning of 68 acres, authorization for $615.2 million in bonds, and a tax increment financing (TIF) plan. The city’s $600 million contribution is expected to cost taxpayers $1.39 billion over 30 years, funded by redirected taxes from a broad 'stadium impact area.' A recent report labeled parts of Crown Center 'blighted' to justify the TIF, though the project faces state funding hurdles and legal challenges.
A Next City feature uses Oakland's Ice Center—built in the 1990s with tax-increment financing from California’s now-defunct Redevelopment Agencies—to illustrate how RDAs catalyzed urban investment and how their 2012 dissolution left a gap in long-term public stewardship, prompting debates about equitable funding models and newer approaches like Seattle’s preservation authorities and a social-housing development authority to fill that void without repeating past missteps.
Chicago Mayor Brandon Johnson is moving forward with the LaSalle Street Reimagined Initiative, originally proposed by former Mayor Lori Lightfoot, to convert four downtown office buildings into apartments, with at least 30% designated as affordable housing. The initiative aims to repurpose vacant space, attract new investment, and revitalize the central business district, with approximately $150 million in tax increment financing allocated for the renovations. While proponents see this as a positive step, some question the use of taxpayer dollars for downtown restoration. The plan requires approval from the City Council and other committees.
Baltimore Mayor Brandon Scott is set to unveil a $3 billion plan to address the city's vacant properties, utilizing a mix of public and private financing over 15 years. The proposal includes a newly created Tax Increment Financing zone and a request for a $900 million state investment. The plan aims to rehabilitate 35,000 vacant properties, with $300 million coming directly from Baltimore through borrowing and TIF bonds. Private investment of $300 million is also expected. The plan faces challenges in securing state funding and critics argue that Tax Increment Financing may not effectively stimulate broader revitalization. The proposal also includes property tax relief and aims to reduce the city's total number of vacant properties.
City officials have selected three projects totaling 1,000 apartments to revive the LaSalle Street business district by providing subsidies to developers that convert office buildings there into mixed-income housing. The developers of the projects are seeking a combined $188 million in tax-increment financing from the city, money they say they need to make the developments financially feasible. In return, the developers would set aside nearly 320 apartments for low- and moderate-income renters. The initiative, known as LaSalle Reimagined, aims to bring more affordable housing to the Loop and create new energy in the central Loop.