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Excelsior Springs council approves tax abatement and development deal for 111 North Main
Summary
The city approved an ordinance letting Divine and Main LLC renovate 111 North Main Street with tax incentives: a Level C abatement (100% for 10 years, then 50% for five) tied to an estimated $361,003.42 in improvements; the public hearing drew no speakers and the ordinance passed unanimously.
The Excelsior Springs City Council approved an ordinance authorizing tax abatements and a development agreement for the renovation of 111 North Main Street, a contributing building in the Hollow Waters Historic District.
Neighborhood specialist Laura Mize said the application comes from Jeff and Lisa Watkins of Divine and Main LLC and described the project as converting the building to two commercial spaces on the ground level and five residential units above. “This building is 111 North Main Street, and it is at the corner of East Excelsior and North Main,” Mize said during the staff presentation. She told the council the project has been reviewed by the Historic Preservation Commission and the Redevelopment Corporation and “met requirements needed.”
Under staff recommendations cited by Mize, the project qualifies for a Level C tax abatement that provides “a 100% abatement for 10 years and then 50% abatement for 5 years, or for the cost of the improvements.” Projected expenditures were listed at $361,003.42. The council opened a public hearing; there were no public comments. After the hearing, the council moved the ordinance to a second reading and approved it on final consideration by unanimous roll call.
The approval authorizes the development agreement and tax-abatement framework for the Watkins’ rehabilitation project; council members and staff said the incentives are intended to support rehabilitation of a downtown historic structure. The ordinance was approved at the meeting and will be implemented according to the terms in the development agreement and the ordinance.
