Thursday, November 20, 2008

Three Trails project gets MDFB approval

Here is the offical word from the Wizards press release:

The Missouri Development Finance Board (MDFB) approved today tax credits toward The Trails development in Southeast Kansas City, a project proposed by local real estate company LANE4 Property Group that would include a soccer-specific stadium for the Kansas City Wizards.

"We are very appreciative of the Board coming to this conclusion," Robb Heineman, CEO of Wizards ownership group OnGoal, said. "Our goal would be to start demolition as soon as possible. Obviously our economic situation is improved in a new stadium, so we have every incentive to move the project forward."

In listening to the meeting and talking with Cliff Illig afterwards, there is still work to be done. The State TIF Board still needs to do some work/approval. It does sond like that is not a huge concern though.

From the conversation, it sounds like demolition will start early next year (January).

Robb Heineman and Cliff Illig all smiles after MDFB approval...

The board sounded supportive in general. There was only one question and that was about a labor dollar figure. After some brief scrambling, the Lane 4/Three Trails people with Robb and Cliff were able to answer to the boards satisfaction.

Items I heard that I found interesting:
Certain amount of office space was to anchor a Fortune 500 company on the Missouri side
The Board worked through setting phases with the developers to insure proper progress
There are clauses to pull back State money if phases are not met

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