The Unified Government Commission tonight gave the go-ahead for funding for a new auto mall plaza at 98th and Parallel Parkway.
It is in a STAR bond district, and about $74 million in bonds are being issued for this part of the development. The project area was split from a former district.
Two of the existing auto dealers are being relocated from within Wyandotte County, according to UG officials.
The first series of STAR bonds include about $63 million including a UG reimbursement of $930,000 for a new traffic signal at 98th and State and improvements to the Marshall Creek sewer interceptor. The second series, about $10 million, would pay for the UG’s street costs.
Lew Levin, UG chief financial officer, said the UG is not backing the first series, but the backing is from incremental revenues from sales tax.
The second series of bonds will have an annual appropriation backing, Levin said. The state will pledge two-thirds of the revenue from the sales tax associated with a $15.5 million base, according to Levin, and the UG is pledging $844,000, to be held in escrow and released annually if incremental revenues are not sufficient.
The second part of the original auto mall district may come before the UG Commission at a later date for another bond issue.
Also moving forward Thursday night was a community improvement district for the new Turner Commerce Center project at the Turner Diagonal area, south of I-70 and Riverview. The area was known as the Turner Woods project previously.
The $69 million light industrial development and business park will be funded by industrial revenue bonds and the community improvement district fees.
About 1 million square feet of light industrial buildings are planned for the site, according to project developers.
While the project proposed 100 percent abatement for 10 years on the property tax, it has fees coming in through a community improvement district. The CID would be a 22-year term with $1.04 per square foot special assessment on the buildings.
There is a potential of 600 or more good-paying jobs, according to Brent Miles of NorthPoint Development.
Also approved was establishing a tax increment financing district for the 57th and State Avenue redevelopment project.
The area is being developed by 4101 Powell Ave. LLC., with Clifford Dale Sr., Clifford Dale Jr. and Travis Dale. They are proposing to make a commitment to prepare a hilly and rocky area, level it and prepare it for future development, according to Charles Brockman of the UG staff.
The TIF would be set up in a pay-as-you-go basis, with no bonds being issued. Brockman said the cost of preparing the ground and moving 250,000 yards of dirt and rock could reach as high as $5 million. After about five years, the Dales will present a plan for development, he said.
The Dale family purchased State Tractor and Equipment and started a fleet service repair company in 1984, and in 2006, formed State Tractor Trucking for heavy hauling.
All three projects were approved by a 9-0 commission vote.
For an earlier story on the Turner Woods project, see https://wyandotteonline.com/new-industrial-development-planned-for-turner-diagonal-area/.
For an earlier story on the auto mall project, see https://wyandotteonline.com/star-bond-issue-for-new-auto-mall-project-considered-by-ug-commission/.