Brian Madden, Marc Erickson, and other Wagstaff & Cartmell attorneys and staff represented Citadel Plaza LLC (Citadel), which settled a commercial case against the City of Kansas City, Missouri, for $15 million on the Friday before trial was to begin.
The case involved a failed Tax Increment Financing (TIF) Plan called “The Citadel” near 63rd and Prospect streets in Kansas City.
Our client entered contracts with the city and TIF Commission for redevelopment of a blighted neighborhood in the city’s urban core. The city was to provide partial funding for the project but failed to do so after our client Citadel expended significant time and money redeveloping the site. When the city failed to fund, the project stalled and failed. As a result, our client Citadel suffered substantial losses.
The settlement called for land that was cleared and assembled by Citadel and other landowners to be transferred to the city for future redevelopment.