[CPEO-IRF] Richards-Gebaur, Kansas City, Missouri

[Lenny Siegel <lsiegel@cpeo.org>]

CenterPoint, the developer described in this article, is developer of 
the Intermodal Facility at the former Joliet Army Ammunition Plant that 
I described in my August, 2006 article at
http://www.cpeo.org/milit.html.

RICHARDS-GEBAUR | Complex deal gets new wrinkle
City agrees to new terms on Richards-Gebaur
Sale provisions are changing, and funding for site improvements poses a 
big uncertainty.

By RICK ALM
The Kansas City Star
February 15, 2007

The price tag on the city’s former Richards-Gebaur Air Force Base has 
doubled, sort of.

Chicago-based CenterPoint Realty Services Corp. agreed in late 2005 to 
pay Kansas City $5.6 million for the nearly 1,400-acre former military 
airfield. The company plans to build out the property as an intermodal 
rail and trucking port that is already used by the Kansas City Southern 
line.

Two years ago Centerpoint also agreed to back a $5 million letter of 
credit enabling the city to begin work on public street, sewer and 
utility extensions to serve the sprawling tract, which is about half 
barren land.

On Wednesday, a City Counc il committee agreed to renegotiated sale 
terms setting the price at $10.6 million. The new deal also takes 
CenterPoint off the hook for the letter of credit.

However, the Federal Aviation Administration has insisted that all sale 
proceeds be earmarked for improvements at Wheeler Downtown Airport. As a 
result, Finance and Audit Committee Chairman Chuck Eddy said Wednesday 
that the city would have to find the $5 million for public 
infrastructure work within undetermined city accounts and bond funds.

...

For the entire article, see
http://www.kansascity.com/mld/kansascity/business/16700030.htm

--


Lenny Siegel
Director, Center for Public Environmental Oversight
c/o PSC, 278-A Hope St., Mountain View, CA 94041
Voice: 650/961-8918 or 650/969-1545
Fax: 650/961-8918
<lsiegel@cpeo.org>
http://www.cpeo.org


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