Global Infrastructure SherpaIndependence City Council approves $150 billion in Taxable Industrial Development Revenue Bonds and tax abatements for Nebius data center campus
The Independence City Council approved approximately $150 billion in Taxable Industrial Development Revenue Bonds, a 98 percent real property tax abatement, a 90 percent personal property tax abatement for twenty years, and a sales tax exemption on construction materials for an 800MW Nebius data center campus. This financing package supports the development of a 2.5 million sq ft (232,255 sqm) data center campus by Nebius in the Eastgate Commerce Center, which will include up to ten buildings on 400 acres and utilize a closed-loop cooling system. The deal is significant as it provides substantial financial incentives for Nebius to develop a large-scale AI-focused cloud provider data center in Independence, Missouri.
Counterparts (2)
Subscribe to access full counterpart details, deal analysis, and timeline.
Subscribe from €20/mo →Deal Analysis
- $150 billion in Taxable Industrial Development Revenue Bonds.
- 98% real property tax abatement for 20 years.
- 800MW AI-focused data center campus.
- Nebius, an Amsterdam-based Yandex spin-off, as the developer.
Source Intelligence
The deal includes a 98 percent real property tax abatement, a 90 percent personal property tax abatement lasting for twenty years, and a sales tax exemption on construction materials. The campus will be 2.5 million sq ft (232,255 sqm) on 398-400 acres and will use a closed-loop cooling system. Nebius bought the land parcel in early December. Nebius is a cloud provider focused on AI workloads and was spun out from Russia’s Yandex in 2024. A new power facility by Independence Power Partners (IPP) is set to provide 250MW of capacity by October 2027, and 1.1GW by December 2029. Quotes: - "a 98 percent real property tax abatement and a 90 percent personal property tax abatement lasting for twenty years; and a sales tax exemption on construction materials." - "planning a 2.5 million sq ft (232,255 sqm) campus" - "bought the 398-acre land parcel from real estate firm NorthPoint Development in early December." - "Up to ten buildings could be developed on 400 acres, and the campus will use a closed-loop cooling system." - "Nebius is a cloud provider focused on AI workloads. The firm was spun out from Russia’s Yandex in 2024" - "This is set to provide 250MW of capacity by October 2027, and 1.1GW by December 2029."
"The City of Independence, Missouri, is being sued by residents after it refused to approve a referendum petition that would have challenged tax incentives for a 800MW Nebius data center campus. The Independence City Council approved a series of measures in early March relating to the campus, including: two series of Taxable Industrial Development Revenue Bonds totaling around $150 billion; a 98 percent real property tax abatement and a 90 percent personal property tax abatement lasting for twenty years; and a sales tax exemption on construction materials."
"tax incentives for a 800MW Nebius data center campus. ... Nasdaq-listed Nebius is planning a 2.5 million sq ft (232,255 sqm) campus in the existing Eastgate Commerce Center"
"It bought the 398-acre land parcel from real estate firm NorthPoint Development in early December."
"Power would be drawn from a new facility developed by Independence Power Partners (IPP) at the retired Blue Valley Power Plant site."
Timeline
Get the full picture — timeline, source intelligence, and counterpart analysis.
Subscribe from €20/mo →