P&L District’s worth fluctuates at Cordish’s convenience

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When the Cordish Co. officials want to impress, they say the Power & Light District represents an $850 million investment. But when the time comes for the company to pay taxes on the downtown development, its value falls off a cliff.

For the second consecutive year, Cordish has fought Jackson County’s determination of the worth of the Power & Light District. In 2008, Cordish sued the county, arguing that a segment of the district appraised at $61 million was really worth $12 million. The two sides settled on an $18 million value.

Last week, Joe Miller at KCDowntowner.com reported Cordish and the county had again come to very different conclusions about P&L’s value. For 2009, the county appraised the district at $88 million. An appraiser hired by Cordish said a four-block portion of the district was worth only $18.5 million.

The numbers affect the city’s budget. A lower value reduces the amount of property taxes that Cordish pays. The city uses the property taxes to help pay down the $295 million in debt issued to pay for the development. 

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