FOR IMMEDIATE RELEASE: Nov. 21, 2017
The City of Kansas City, Missouri’s application for up to $4 million in state tax credits for the construction of the Downtown YMCA Community Center in the former Lyric building at 11th and Central has been approved.
Tuesday’s unanimous approval by the Missouri Development Finance Board (MDFB) means eligible taxpayers can claim 50 percent tax credits for financial donations and other contributions to the YMCA project. The new community center will serve a diverse population of workers and residents downtown with healthy living programs, a medical wellness clinic, water safety and swim lessons in addition to youth programs and community service opportunities.
“The YMCA is the perfect project for MDFB tax credits,” Mayor Sly James said. “The development will provide crucial youth and health services to an area of Kansas City where those services are not easily accessible. Moreover, it will improve the overall quality of life for our downtown residents and help to further develop the downtown area.”
The City partnered with the YMCA of Greater Kansas City, Truman Medical Center, and the Downtown Council.
“It took a lot of work from a lot of dedicated people to get this financing plan in place and that hard work is going to pay off,” City Councilwoman Jolie Justus said. “This is going to be a transformative project for our downtown and we’re accomplishing two things at once. We’re repurposing the historic Lyric building and increasing access to services for a growing downtown population.”
The MDFB tax credits will help the Y complete fundraising, and leverage $7.1 million in donations already raised for the project and the $16.9 million from the 11th Street Corridor TIF Plan to redevelop this property, which has been vacant since 2012.
“This project will significantly enhance the quality of life in our downtown and ensure that important health and wellness services are available to the public,” said Sean O’Byrne, Vice President of the Downtown Council.
This project will help to address a part of the health care spectrum which is currently under served by our traditional health care model.
“The concept for the partnership with the Y reflects Truman Medical Centers’ efforts to take health care beyond the four walls of our hospital and into the thriving downtown community where people live and work,” said Charlie Shields, President and CEO of the Truman Medical Centers.
“We’re thankful to the City, TMC and the Downtown Council for partnering with us and the Missouri Development Finance Board for their confidence in this project to transform the community,” said David Byrd, President and CEO of the YMCA of Greater Kansas City. “It’s a testament to how when we work together, we can move the community forward boldly.”
The Y will use the $4 million MDFB tax credits to raise an additional $8 million in equity contributions from donors who are able to utilize the credits to cover the current gap needed to complete the project.
“We look forward to meeting with potential donors to share with them this new opportunity to support the project and how it can help bring a Y to downtown Kansas City,” Chris Kurtz, Chief Volunteer Officer of the Y said.
For more information, contact Paula Oxler at 816-682-3168.