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the agreement for the incentives was between the city and

Posted on: March 3, 2021 at 08:37:30 CT

lqf2b8 MU

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the builders/owner group. It stipulated that 1k employees would occupy it with average salary of 100k. The builder/owner group had an agreement with waddell and reed that they would be the 1k jobs.

Waddell is backing out. The builder/owners will try to find a replacement but those numbers at that average will be tough. The city will have to decide to enforce their rights or not. If they enforce it they will be punishing the builder/owner who really didn't do anything wrong. The builder/owner would then turn around and sue Waddell and reed.

My guess is the builder/owner will get the tenants but it won't be near the average salary nor the rates Waddell was going to pay per sf. The city will say that is close enough and honor the tax breaks. Since the builder will still get the breaks they won't bother with any heavy litigation. They might tell waddell to kick a little in so they don't take a huge hit on the rate per sf they are inevitably going to have to take.

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REPLY

MESSAGE THREAD

Waddell and Reed is laying off over 200 people in KC - Sal CMSU - 3/3 07:24:10

Cities are going to be gutted after the mess of the last - Eggs MU - 3/3 09:40:40

Waddell Reed's decision has nothing to do with the Pandemic - KC rules MU - 3/3 10:42:15

I think if you haven't left a city at this point in the - tgr MU

- 3/3 09:49:15

Unless 6 months from now there are still significant - Eggs MU - 3/3 09:56:13

I bet they all make less than $15/hr too(nm) - tigerinhogtown STL - 3/3 09:21:22

We have more than a few buildings in Downtown StL that - jumbo73 MU - 3/3 08:57:06

if you can compare a market to downtown stl's market - TigerA MU - 3/3 09:00:03

either is a sh** storm if you happen to have money - jumbo73 MU - 3/3 09:03:45

I'm amazed at all the building that is still going on around - StaleyTiger MU - 3/3 08:45:41

I'm amazed at all of the apartment buildings being built - Carlos Rossi KC - 3/3 09:01:21

Population continues to grow. As units/properties age - jumbo73 MU - 3/3 09:08:26

there will be far far more than 200 lost. The first round - lqf2b8 MU

- 3/3 08:41:40

why do they need to tell the State of Kansas? - meatiger MU - 3/3 08:30:56

those *****es(nm) - lqf2b8 MU

- 3/3 08:30:35

Thanks a lot Biden(nm) - RBT STL - 3/3 08:24:32

Thanks Ryan Caldwell is actually the truth - lqf2b8 MU

- 3/3 09:03:43

it's already taking a massive hit (nm) - ashtray UF - 3/3 08:02:03

Yep...one of my buddies leases is up for renewal... - BandG MU - 3/3 08:09:06

When Sprint built their campus it put a huge hurt on the KC - DHighlander NWMSU - 3/3 08:18:05

And now they are renting alot of that campus to other ... - BandG MU - 3/3 08:22:53

And much of it is still empty. I was not really talking - DHighlander NWMSU - 3/3 09:37:34

While this move is for a different reason you are correct, - sprintcar STL - 3/3 07:58:24

Sounds like what Carl did to TWA in St Louis(nm) - alstl MU - 3/3 07:55:25

decisions by elected officials - o'lineydisciple MU - 3/3 07:50:28

They certainly will in this case and many more to come - Porterhouse MU - 3/3 08:19:15

wut? - bobbelcher MU - 3/3 07:58:37

Is the city still on the hook for the tax incentives then?(nm) - tgr MU

- 3/3 07:36:04

the agreement for the incentives was between the city and - lqf2b8 MU

- 3/3 08:37:30

If the building owners were smart, and no guarantee that - jumbo73 MU - 3/3 09:01:29

no clue - Sal CMSU - 3/3 07:37:39

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