Fixed-rail streetcar line approval for Downtown Kansas City makes impact leading the new year!
The most significant news for the Downtown Submarket came in mid-December 2012, when Kansas City voters approved a $.01 sales tax increase and a property tax increase to fund a fixed rail streetcar line. The property tax sunsets in 25 years and impacts only those properties within the defined Downtown Streetcar District.
The approval will result in residential property taxes increasing by 8.7% while commercial taxes will increase by 5%. The two-mile line will run from Union Station to the River Market principally along Main Street. This initial spine is considered a starting point only, with the hope of extending service to UMKC to the south and with east/west lines along major connective corridors. Funding will come from multiple sources including federal grants of $18 million, an annual contribution from the city of Kansas City, Missouri, the sales tax increase and property taxes.
The approval will result in residential property taxes increasing by 8.7% while commercial taxes will increase by 5%. The two-mile line will run from Union Station to the River Market principally along Main Street. This initial spine is considered a starting point only, with the hope of extending service to UMKC to the south and with east/west lines along major connective corridors. Funding will come from multiple sources including federal grants of $18 million, an annual contribution from the city of Kansas City, Missouri, the sales tax increase and property taxes.