What is being built?

The Creekside Development project includes residential, mixed-use residential, commercial and industrial developments on nearly 300 acres of vacant land at the intersection of Interstate 435 and Missouri 45, highways.

How is this project being financed?

With the Creekside Development project, there are no upfront costs to the city or other taxing jurisdictions, and no city-backed bonds will be issued.

The development team is investing more than $300 million in the project.

The project will relieve a $430,000 annual burden on the city – currently Parkville is obligated to pay $430,000 per year for Neighborhood Improvement District bonds on this land. In the mid 2000s, the city installed infrastructure, including sewers and pump stations, in anticipation of a planned development. When that development fell through, the city was left with the bill. The Creekside Development will eliminate this $430,000 annual burden on the city.

Park Hill schools will receive a net benefit of more than $4 million for the incentive investment in the development.

The City of Parkville and Platte County will each receive more than $550,000 ($1.1 million total) in new sales tax revenues annually during the TIF term.

All in all, the city and other local taxing jurisdictions will receive more than $6.9 million annually in property, sales and hotel occupancy taxes after the TIF term.

Is the project receiving incentives?

Yes, a project of this size and scale in Parkville cannot come to life without them. The project is pursuing and leveraging four distinct incentives – TIF (Tax Increment Financing), CID (Community Improvement District), TDD (Transportation Development District) and Chapter 100 Bonds.

The incentives we are pursuing are lower than what other developments have asked for and received around Parkville. For example, 50 percent of property taxes will be used for eligible reimbursable project costs for the first 10 years, increasing to 65 percent in years 11 to 17, then 75 percent for the final five years. Most other projects ask for 100 percent out of the gate.

Will this project take dollars from our schools?

No. Park Hill schools will receive a net benefit of more than $4 million for the incentive investment in the development. We have worked very closely with the Park Hill School District and other taxing jurisdictions to ensure all parties’ best interests are being met. Making only 50 percent of the property taxes eligible as reimbursable project costs over the first 10 years will allow these districts to have the funds to continue providing their excellent services to our community.

Will this project provide a financial benefit to the city?

Yes, in multiple facets. First, the city currently pays a $430,000 annual obligation for Neighborhood Improvement District bonds on this land. In the mid 2000s, the city installed infrastructure, including sewers and pump stations, in anticipation of a planned development. When that development fell through, the city was left with the bill. The Creekside Development will eliminate this $430,000 annual burden on the city.

Second, the city of Parkville and Platte County will each receive more than $550,000 ($1.1 million total) in new sales tax revenues annually during the TIF term.

All in all, the city and other local taxing jurisdictions will receive more than $6.9 million annually in property, sales and hotel occupancy taxes after the TIF term.

Will this project bring new jobs to Parkville?

More than 4,000 construction job years will be created, and more than 750 permanent jobs will be created.

Why does this project matter to the city?

Vacant land will be transformed into a vibrant mixed-use development, generating tax

revenues where none existed before.

Why is the development team adding baseball fields? What’s the value?

A tournament-quality youth baseball facility will bring overnight visitors with disposable income into Parkville to stay and spend money at our local restaurants and shops. Also, our local teams who participate in this level of activity will have a local option to participate in tournaments rather than always having to leave town.

Is a motel being built on the property?

No, a motel is not being built on the property. The property will include four hotels, all of which will be operated by reputable hotel brands.