Focus Area: Legal & Economy
Staff Contact: Ron Shaver/Jamie Robichaud
Subject: Resolution setting the date and time for a public hearing regarding adoption of a TIF Redevelopment Project Plan for the northeast corner of Santa Fe Street and Mur Len Road.
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title:
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Consideration of Resolution No. 24-1054 setting a date and time for a public hearing regarding the adoption of a TIF Redevelopment Project Plan pursuant to K.S.A. 12-1770 et seq. (Indian Creek Crossing Project)
Body
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Summary:
On September 17, 2024, the City Council adopted Ordinance No. 24-36, creating a TIF redevelopment district at the northeast corner of Santa Fe Street and Mur Len Road (Indian Creek Crossing Project).
Staff, along with the City’s bond counsel, Gilmore & Bell, P.C., has worked with the developer, Rosebud Partners, LLC, to prepare a TIF Redevelopment Project Plan (Attachment A). The redevelopment project includes retail development containing approximately 115,000 square feet of retail/commercial use, as well as related public infrastructure and other site improvements. The proposed Projects include a new to market sports/entertainment facility, a national all-inclusive physical fitness facility, a regional hardware store and a regional convenience store. Related public infrastructure includes the conveyance of real property to the City for expansion of the existing fire station facility located immediately north of the Project. In addition, the developer anticipates conveying real property to the City for the purposes of the expansion and improvement of 135th Street.
The attached resolution (Attachment B) provides for the notice of a public hearing to consider adoption of the TIF Redevelopment Project Plan November 19, 2024. On the same night, the City Council would consider creation of a Community Improvement District (CID) for the same project.
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Financial Impact:
Total investment in the Indian Creek Crossing project is anticipated to be over $26.4 million, of which approximately $16.12 million would be eligible for reimbursement from TIF and CID proceeds. The developer has proposed to be reimbursed up to $7 million from TIF and CID proceeds, or approximately 26.5% of total redevelopment project costs.
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Action Needed:
Approve Resolution No. 24-1054 setting a date and time for a public hearing regarding the adoption of a TIF Redevelopment Project Plan pursuant to K.S.A. 12-1770 et seq.
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Attachment(s):
A: TIF Project Plan
B: TIF Project Plan Public Hearing Resolution