Reporter, Kansas City Business Journal
A 25-year property tax abatement for Oxford on the Blue, a 344-acre biotech research park in south Kansas City, won final approval Thursday from the City Council.
Councilmen Russ Johnson and Scott Wagner opposed the incentive, which includes a 100 percent abatement for 10 years followed by 50 percent abatement for 15 years. But the majority voted to support the abatement and rezoning for the $1.3 billion project.
The site of the project, which is being developed by a partnership led by Jim Stowers III, received a blight designation in September. It is to include about 3 million square feet of mixed uses, primarily office, to be developed during a 25-year span
Stowers, son of the billionaire founders of the Stowers Institute for Medical Research and American Century Investments, started buying the land for Oxford on the Blue about seven years ago. Tenants are expected to include firms commercializing locally generated medical research. However, Oxford on the Blue is not affiliated with the Stowers Institute.
The project lies north of 87th Street between Interstates 49 and 435, near the proposed $4.45 billion Three Trails campus proposed by Cerner Corp.
Whitney Kerr Sr., a senior vice president with Cassidy Turley who assembled the Oxford on the Blue site through 60 land transactions during the past several years, recently said he is trying to persuade the University of Missouri-Kansas City to locate a new campus in the development.