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Lenexa council approves Ross Canyon TIF plan, DDA and resolution to authorize up to $130 million in IRBs
Summary
The Lenexa City Council approved an ordinance establishing Mining TIF District Project Plan 6 for the Ross Canyon phase 1 multifamily development, a disposition and development agreement (DDA) with Petra Lenexa LLC, and a resolution expressing intent to issue about $130 million in industrial revenue bonds to support the project.
The Lenexa City Council approved an ordinance establishing Mining TIF District Project Plan 6 for the Ross Canyon phase 1 multifamily project, voted to approve a disposition and development agreement with Petra Lenexa LLC, and adopted a resolution expressing the city's intent to issue approximately $130,000,000 in industrial revenue bonds to support the development.
City Attorney Sean McLaughlin summarized the proposal, saying the phase 1 plan covers 353 Class A multifamily units and associated infrastructure and mine mitigation; eligible private reimbursement under the TIF is about $15,000,000, eligible public reimbursement about $8,000,000 for roads and resurfacing, and projected TIF revenue over a 20-year term is $20,100,000. McLaughlin said IRBs are authorized up to $130,000,000 to allow phased bond issuance for the overall project.
The project and related incentives prompted multiple public comments focused on…
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