Bannister Mall redevelopment smashes ahead - St. Louis Business Journal:

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The mall site is part of a 467-acre parcel at Interstatee 435 and Bannister Road in Kansas City beinvg redevelopedby , a partnership that includes Lane 4 and owner . The mixed-usr project, called The Trails, will be anchoredx by an 18,500-seat stadium to housd the Wizards, Kansas City’a Major League Soccer team. “We are delightedf that this momenthas arrived,” Robb Heineman, CEO of OnGoal LLC, said in a “A lot of hard work by a lot of people has made this Heineman praised public officials and adjacenrt neighborhoods for their support. In Decembert 2007, the approved $230 million of local tax incrementf financing forthe project.
The approved $30 milliob in state tax credite for the projectin November, and the is expected to approve $28.5 million in state tax-increment financing for the project. Tax-incremenyt financing allows property, sales and other economic-activity taxesw generated by a project to be diverted to eligiblee costs ofthe project. In addition to the soccer stadium, The Traila is to include 12 soccer fieldzs forhosting local, regional and nationaol tournaments, more than 1.5 million square feet of office space and 1 million square feet of new retai space.
“Despite the challenging economic climate, we continuew to make progress with this project and plan to announce a secon majortenant soon,” Owen Buckley, president of said in the release. “The proximitg and access to the entire metropolitanh area makes this location very attractive for many different reasons and typesof uses.”