Overview
- Port KC voted to authorize revenue bonds not to exceed $1.49 billion and to grant real, personal and sales tax exemptions to Gillon Property Group to support the Plaza redevelopment.
- The master plan covers 19 blocks and proposes about 824 apartments, 150 hotel keys and roughly 1.7 million square feet of commercial and retail space delivered across roughly 15 years.
- The long-term incentives include a 30-year real property exemption with payments in lieu of taxes set to match current property taxes plus a 2% annual increase and extra PILOT charges on new construction.
- Formal bond issuances, phased approvals and any transfer of sidewalk ownership still require additional Port KC board votes and a separate Kansas City Council ordinance before financing or construction can begin.
- Gillon has pledged community measures such as affordable housing and workforce investments but the deal shifts tax revenue streams and will be watched for impacts on city services, local jobs and public infrastructure work.