hroughout the negotiations, J.E. Dunn officials have insisted the area around its new headquarters be cleared of “blight” before they would commit to the project.
The construction firm, which employs about 700 people downtown, has been courted by developers throughout the metropolitan area, including Kansas, about the project. A few weeks ago, Dunn briefly broke off negotiations with Kansas City.
Fenley said the agreement identifies several properties that must be obtained and steps taken to demolish them before J.E. Dunn would proceed. They are the Cherry Street Inn, the vacant former Greyhound bus terminal, the Valero service station, All Makes Machine, a commercial bail bonds building at 11th and Cherry streets, and a former day labor building near Ninth and Cherry streets.
Really, J.E. Dunn is a giant company, certainly they can reach some sort of monetary agreement with the piddly little Cherry Street Inn to acquire their property without forcing the city to force the Inn to sell. After all of that, any income from the project will be used to finance the project, meaning no gain for the greater good.
The amounts of state and city tax incentives are being calculated, but most of the new property, sales and income taxes generated by the project during its 23-year redevelopment period would be used to help finance it.
They had better hurry and get this deal done because the Missouri legislature is trying to make it harder to use the tax increment financing and defining "blight" more explicitly.
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