Six Pivotal Central City Economic Development Projects Receive Funds
The City of Kansas on Thursday (today) announced funding awards to foster economic growth and development within the Central City.
Acting upon the recommendation of the Central City Economic Development Tax Board, the City Council has approved funding of $2,355,939 for various ongoing economic development projects.
According to a CCED spokesman, “This strategic decision, made in response to the dynamic needs of our developers, will help the City navigate the challenges of increased construction labor and material costs. The approved funding, drawn from the unappropriated fund balance, will be allocated to several vital projects. These projects, strategically located within the designated area, aim to revitalize and enhance economic opportunities, ensuring our community's stable and prosperous future.”
The designated projects include:
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Ivanhoe Neighborhood Council - $165,707.00
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Prospect Summit Duplexes - $475,000.00
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Palestine Economic Development Corporation - $572,000.00
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Zhou B Art Center - $375,000.00
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Heroes Home Gate - $375,000.00
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Monarque Advisory Development - $393,232.00
Central City Economic Development Background & Successes:
In 2017, Kansas City voters approved the 1/8 percent Central City Economic Development (CCED) sales tax which generates approximately $10 million annually. Since the program began, CCED has invested more than $53 million toward 35 projects in the Central City.
For more information on the Central City Economic Development sales tax district visit kcmo.gov/CCED.
