Subsidy Tracker Individual Entry

Company: 
H&R Block
Parent Company: 
H&R Block
Subsidy Source: 
multiple
Location: 
Missouri
City: 
Kansas City
County: 
Jackson
Project Description: 

corporate headquarters

Year: 
2004
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
financial services
Subsidy Value: 
$341,317,824
Program Name: 
multiple
Awarding Agency: 
multiple
Type of Subsidy: 
MEGADEAL
Number of Jobs or Training Slots: 
1,708
Wage Data: 
$70000
Wage Data Type: 
annual average salary
Source of Data: 

The value of the TIF subsidy was taken from: Missouri State Auditor, 1200 Main/South Loop Project 02 (H and R Block) TIF descriptions; available online at: http://www.auditor.mo.gov/TIF/vTIF.aspx?id=552. The value of the BUILD subsidy was taken from: Kevin Collison, "Downtown bonds get board's OK," Kansas City Star, October 28, 2004. The value of Chapter 100 bonds was taken from: Kansas City Business and Legislative Minutes of Meeting, July 07, 2005, ordinance number 050819; available online at: http://cityclerk.kcmo.org/liveweb/Documents/Document.aspx?q=kmqgUH2N6dR3.... See also: Lynn Horsley, "Block tax break plan gets tentative OK at City Hall," The Kansas City Star, October 27, 2005.

Notes: 

State and local governments put together a $341.3 million subsidy package for a H&R Block headquarters in downtown Kansas City, Missouri. In 2004 the city created a TIF district at the site. The increment generated by the TIF was to reimburse the company for an estimated $292,317,824 in project costs. The Missouri Development Finance Board approved $8 million in assistance through the Business Use Incentives for Large-Scale Development program (Subsidy Tracker lists $1,042,939 from the program in its 2006 entry). In 2005, Kansas City approved up to $41 million for the company in Chapter 100 bonds, which made possible 10-year, 100 percent sales tax abatements and 50 percent property tax exemptions. In 2010, H&R Block laid off 165 workers in the area, bringing down employment figures below the required 1,200. (see Randolph Heaster, "H&R Block lays off 165 workers in the KC area," The Kansas City Star, May 20, 2010). Kansas City also issued $31 million in industrial revenue bonds to help out H&B Block with purchase of equipment and furniture. This amount is not included in the total. The jobs figure included 1,222 positions to be retained and 486 new positions. Overlaps with main Subsidy Tracker data: a 2006 BUILD entry for $1 million.

Source Notes: 
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