Archive for Monday, December 24, 2012

Incentives sought for $40 millon redevelopment project

December 24, 2012

A partnership proposing a $40 million redevelopment project at the northwest corner of Johnson Drive and Kansas Highway 7 got a green light to pursue incentives for the project during a special Dec. 20 meeting of the Shawnee City Council.

The council voted 7-0, with Ward 3 member Dawn Kuhn absent, to approve an agreement calling for the developers to reimburse the city for helping them research the feasibility of tax-increment financing, or TIF, for the project.

TIF is a development tool that captures increases in tax revenue generated by a project to reimburse developers for eligible project costs.

The developers, Shawnee Associates LLC, are exploring the use of TIF and industrial revenue bonds to help them redevelop the 30-acre site, currently home to an abandoned convenience store and car wash, with about 240 townhomes and up to 30,000 square feet of commercial space.

If the incentives are approved, partner Rick Inghram said, construction on the project could begin within about 18 months.

Inghram and his Shawnee Associates LLC partner, Timothy Hickok, are also principals with Hickok-Dible Companies, which previously developed Pine Meadow Townhomes and Pinegate Apartments in Shawnee.

Inghram said incentives are needed for the new project, in part, because the site requires extensive drainage improvements. Details of the incentives to be requested will come before the city after studies are completed.

During its Dec. 10 meeting, the City Council scheduled a Jan. 14 public hearing for another potential TIF-aided project, the proposed $17 million redevelopment of Shawnee Parkway Plaza at Shawnee Mission Parkway and Pflumm.

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