Kansas City, Missouri – In a significant move to bolster local economic development, the Port Authority of Kansas City (Port KC) has approved a series of tax incentives for JE Dunn Construction, a leading general contractor based in the city. Approved Monday, the license is meant to enable a $20 million renovation project for JE Dunn’s downtown offices at 1001 Locust Street.
According to a report by Kansas City Business Journal, the ten-year bonds approved by the Port KC commissioners will help to enable a 50% personal property tax exemption and a total sales tax exemption on building supplies used for the refurbishment. The comprehensive restoration plan calls for $14 million for new finishes and another $6 million for personal property needs like furnishings, fixtures, and electronics.
This strategic decision is part of a broader initiative to encourage significant investments in the downtown area, paralleling earlier measures like those for Blue Cross and Blue Shield of Kansas City. Built in 2009, JE Dunn’s headquarters, which consists of 187,284-square-foot office space, will be upgraded with scheduled completion by fall.
Port officials underlined the combined advantages of this incentive package, stressing not only the physical enhancements to the property but also major effects on employment. Apart from keeping 600 current positions at the site, JE Dunn is planned to bring in at least 150 new jobs with an average annual pay of $126,000. Collectively, JE Dunn boasts approximately 1,300 local employees.
Although the exact amount of the incentives from Port KC and any extra help from state sources is yet unknown, estimations indicate that impacted taxing jurisdictions could get roughly $266,000 during the bond’s duration. Moreover, the enhancements are projected to increase the assessed value of the offices by about $3.6 million.
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Reflecting a continuous dedication by municipal officials to create a vibrant business environment, this approval marks a turning point in preserving and extending the economic footprint of significant companies in Kansas City’s downtown. Apart from improving the architectural and structural features of JE Dunn’s headquarters, the project significantly improves the employment market, thus guaranteeing major long-term advantages for the community.