Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Council extends milestones for Galleria and City Place projects; approves related sales-tax exemption extension
Summary
The Overland Park City Council approved amendments extending project milestones for the Galleria and City Place redevelopment agreements and extended a previously approved resolution of intent to issue economic development revenue bonds (sales-tax exemption) for a component of City Place.
At its May 5 meeting the Overland Park City Council unanimously approved amendments that extend developer milestone deadlines for two multi-phase redevelopment projects and extended a related resolution of intent for a sales-tax exemption.
Christy Stallings, a city economic development staff member, told the council the Finance Administration Economic Development Committee had unanimously recommended the milestone extensions for the Galleria project and for components of the City Place redevelopment. Stallings explained these milestone extensions are commonly requested for multi-phase projects when market conditions change and cited “COVID and supply chain and inflation and interest rates” as factors affecting schedules. She said the developers “have complied consistently with the objectives of the development agreements and, have requested extensions of these milestones, based on their current outlook for development.”
The council approved Resolution No. 5044, a first amendment to the amended and restated development agreement for the 115th & Galleria project, by roll call (vote recorded as 9–0). The council then approved Resolution No. 5045, a sixth amendment to the amended and restated City Place development agreement, also by roll call (9–0).
Council members then approved an extension of a prior resolution of intent related to Majestic at City Place. That action extends the expiration date of the council’s earlier resolution of intent to issue economic development revenue bonds for the purpose of a sales tax exemption on that component of City Place; staff recommended the extension to match the milestone changes approved in the Sixth Amendment. The committee and council discussion made clear the extension is intended to preserve the same level of public investment and the previously authorized sales-tax-exemption mechanism while allowing more time for the developer to meet revised milestones.
All three items were presented as extensions to allow developers additional time to meet contractual milestones; no new public subsidies or new project scope changes were proposed during the meeting.
