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Overland Park council approves sale and ownership-change terms for Glenwood Commons at 91st and Metcalf
Summary
The City Council unanimously approved two measures allowing the partial sale of Glenwood Commons and a fourth amendment to its development agreement to permit fractional ownership and tenancy rules; the buyer will assume rights to remaining CID proceeds under restrictions the city approved.
The Overland Park City Council unanimously approved two resolutions Jan. 27 that clear the way for a partial sale of the Glenwood Commons development at 91st Street and Metcalf Avenue and amend the existing development agreement to allow shared ownership interests.
Todd Habesala, a staff presenter, told the council the matters before it involved the Glenwood Commons project and a buyer-vetted assignment of a portion of the site. "This entire ... these matters are about, the Glenwood Commons project that's at 91st and Metcalf," Habesala said, adding the transaction concerns "a relatively small, about a $1,700,000 CID project that has long since been completed." He said the sale would include the right to collect the remainder of the CID proceeds.
The second measure the council approved was a fourth amendment to the site's development agreement that, as…
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