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Commission backs developers request for support, IRB resolution and fee waiver for 300 Santa Fe affordable housing project
Summary
The commission approved a nonbinding resolution of support, a nonbinding industrial revenue bond (IRB) resolution and a $40,000 development-fee waiver for The Prime Companys proposed conversion of the Helmers Building at 300 Santa Fe into 115 affordable apartments; the developer will apply for state low-income housing tax credits.
The Leavenworth City Commission voted to support a proposed affordable housing redevelopment at 300 Santa Fe Street and approved related nonbinding incentive requests from The Prime Company.
Staff presented the request for a resolution of support, a nonbinding industrial revenue bond resolution of intent and a fee-waiver letter for a proposed conversion of the historic Helmers Building into 115 affordable rental units containing one-, two- and three-bedroom apartments. Staff said the developer plans to apply to the Kansas Housing Resources Corporation (KHRC) for low-income housing tax credits and requested the city consider waiving $40,000 in development fees and authorizing $15,000,000 in industrial revenue bonds to enable sales-tax-exempt purchases of construction materials. Staff recommended approval of the package.
Staff described the Helmers Building as built in 1909 and approximately 186,000 square feet, largely underutilized and partly occupied by a local company. The presenter said conversions of historic properties often require incentives for feasibility. "Based on the developer's financial calculations, the project wouldn't be feasible," staff said.
Josh Adrian, vice president of development for The Prime Company, was available by telephone to answer questions but did not address the commission at length during the meeting. Commissioners toured the building earlier and expressed support.
The commission voted to approve three items presented together: resolution of support (resolution B2401), a nonbinding IRB resolution of intent (resolution B2402) and the fee-waiver letter. The votes were taken by voice and recorded as affirmative with no dissent recorded on the transcript.
Staff noted the nonbinding IRB resolution is an intent document and that the developer would return with formal documentation if it proceeds to a local IRB issuance. The city noted it would incur no debt from the IRB authorization and that the sales-tax exemption would apply only to construction materials purchased under the IRB mechanism.
