PortKC committee moves forward with $1.49 billion Country Club Plaza bond

The PortKC Development Committee voted to approve a $1.49 billion bond plan for the redevelopment of Country Club Plaza on Monday. This action constitutes the second of three required approvals for the project.

The current proposal differs from the version halted in 2025. Leaders stated that the new plan does not create a taxable district, addressing a primary concern raised by Kansas City Public Schools officials and parents during the previous round of negotiations.

Jon Stephens, president and chief executive officer of PortKC, described the current agreement as a necessary step for a public agency. He noted that the process involved loud and boisterous debate but resulted in an agreement that works for all parties.

Stephens characterized the new financial structure as similar to PortKC acting as a bank on a loan. He emphasized that the district will continue to generate taxes, ensuring that taxpayers are not directly on the hook for the debt service in this specific arrangement.

Kansas City Public Schools issued a statement acknowledging the improvements in the new deal compared to the option presented last November. The district noted that while it appreciates the changes, the proposal does not fully meet its reasonable requests.

PortKC leaders cited a 50 percent decline in the plaza's value since 2020 as justification for the redevelopment. Stephens linked this drop in value to empty storefronts, which he said resulted in tens of millions of dollars in lost revenue for the community, local schools, and libraries.

The committee plans to discuss final approval for bond issuance in early 2027. Following that decision, the plaza's ownership group is expected to release detailed development plans, with initial announcements anticipated to focus on the planned Nordstrom site.