Public hearings on the Rainbow Village tax increment financing project plan, as well as industrial revenue bonds for a Turner Commerce Center building, are on the Unified Government’s agenda Thursday.
The meeting is at 7 p.m. Thursday, June 9, at City Hall, Commission Chambers, lobby level, 701 N. 7th St., Kansas City, Kan.
Besides the Rainbow Village TIF, a plan and development agreement, along with a community improvement district for the Rainbow Village will be considered. The Rosedale Master Plan also will be considered.
The Turner Commerce Center project, at the Turner Diagonal and Riverview Avenue, contains a resolution for IRBs as well as a resolution of intent to issue up to $310.5 million in IRBs and approve a payment in lieu of taxes and agreement for the project. The project has changed since an earlier version, according to UG officials. It was previously an agreement with Turner Woods LLC and NorthPoint.
RELP Turner LLC now is the developer with USAA Real Estate. Instead of three buildings at the site, there will be one 856,000 square foot industrial building with 1.5 million square feet from an internal mezzanine design. UG staff said the project could create 1,500 jobs and take one year to complete. UG staff, at a recent standing committee meeting, did not name the company that will move into the site. Private equity and debt are paying for design and construction, according to the agreement.
At a standing committee meeting, UG staff explained that it originally was an IRB issues with a 100 percent tax abatement and a special assessment community improvement district. However, the CID is being removed from the project. The CID would have funded improvements for Riverview Avenue. Instead, there is a $7 million grant from the Kansas Department of Transportation to take the place of the CID, according to staff. The project includes a 10-year, 100 percent tax abatement. There would be a payment in lieu of taxes of $5,000 per year. There is now a plan to build an intersection and a drive. The UG Commission is being asked to terminate the CID that was previously approved.
Jonathan Stites of Seefried Properties of Dallas, Texas, spoke about the project at the Monday night UG standing committee meeting.
At the UG standing committee meeting, Commissioner Hal Walker expressed concern about a 100 percent tax abatement. He said he advocated for a lesser tax abatement for the Rainbow Village hotel, and that project came back with a different proposal. “I don’t want a deal that gives away the farm,” he said at the committee meeting. UG staff responded that the $7 million from KDOT was replacing the CID originally planned for the street and bridge improvements.
Also at the June 9 meeting, the UG is scheduled to approve 2017 CDBG grant recommendations.
Approval of the 2016 UG Hollywood Casino-Schlitterbahn grants are also on the agenda.
The UG Commission is scheduled to receive the annual audit, and the sale of UG property at 10041 Leavenworth Road, on the south side of the street a few blocks west of the Woodlands, is on the agenda. The property is being developed as a veterinary hospital.
Other items on the agenda are the appointment of Katherine Briney as Wyandotte County appraiser, and the presentation of UG Administrator Doug Bach’s report.
The UG Commission also plans a special session at 5 p.m. in the fifth floor conference room at City Hall for a legislative wrapup, immediately followed by a closed session on litigation and labor in the ninth floor conference room.
The UG agenda is online at www.wycokck.org.