Waddell & Reed Financial Inc. will get an even further scaled back — yet still substantial — incentive package after the Kansas City Council approved an agreement that had found consensus among the city, school district and developer.
The financial company plans to bring its headquarters to a new office tower in downtown Kansas City.
The new deal passed on an 8-4 vote and will cut the most substantial portion of city incentives by shortening the property tax abatement.
The 15-year deal now will have six years at 75% and nine years at half that, 37.5%. That shrinks the local portion of the incentives from the original $44 million to about $35 million.
The local incentives come in addition to as much as $62 million that Waddell will receive from Missouri for jumping the state line from Overland Park.