A Central Avenue apartment project at 505 Central advanced at Monday night’s Unified Government Economic Development and Finance Committee meeting.
The committee approved a resolution of intent to issue industrial revenue bonds not to exceed $25 million for this project. The IRBs now will go to the full Unified Government Commission meeting for approval.
The project will receive sales tax exemptions on construction materials, according to Katherine Carttar, UG economic development director. Last month, UG staff stated that the $6 million in tax increment financing, and the $2 million on the sales tax exemption, is not being fronted from the UG, and there would be no direct contribution from the UG for the project. They are using funds from the project to reinvest back into the project, according to staff.
On Aug. 26, the UG Commission approved the development agreement for the $40 million, 129-unit, eight-story apartment building off Central Avenue, near the I-70 entrance, near 5th and Central. The developer, Sunflower Development Group, proposes market-rate apartments.
The EDF Committee also approved a public hearing date on the redevelopment project plan for the 505 Central Ave. project for Oct. 27. This item will go to the full UG Commission on Sept. 15 for approval.
Rose Ellis, who lives in the Strawberry Hill area, spoke at the meeting to ask if the UG would own the property. Carttar said the UG would not own the property.
Patrick Waters, a UG attorney, said under an old law the UG would have had to take ownership briefly, but the state legislature changed the law, allowing the project to use the UG’s tax-exempt status.
In other action, on Monday night the Kansas City, Kansas, City Planning Commission unanimously found that the 505 Central Ave. redevelopment district conformed to the Central Area master plan. This was one of the required steps toward approval of the project.
See earlier story at https://wyandotteonline.com/central-avenue-apartment-project-receives-ug-commission-approval/.