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Lawrence council approves Overlook at Fort Bend rezoning and authorizes up to $4.5M in developer-backed bonds; developer to record six 80% AMI units
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Summary
The Lawrence Common Council unanimously approved rezoning for the Overlook at Fort Bend, a 104-unit multifamily project, and authorized up to $4.5 million in developer-backed economic development revenue bonds. The developer agreed to record six units at or below 80% area median income tied to the TIF documents for 25 years.
The Lawrence Common Council voted unanimously on April 6 to rezone property at 9535 Memorial Park Drive (Lee Road) for a proposed 104-unit multifamily project and to authorize up to $4.5 million in economic development revenue bonds to support the development.
Grant Deaton, representing Rebar Companies and The Ridge Group, described the proposal as “a 104 unit class a multifamily development with 2,800 square feet of ground floor retail off of Lee Road and Memorial Park Drive,” and said the project would include roughly 170 parking spaces and a mix of studio, one-, two- and three-bedroom units. Deaton said the team would reserve six units at 80% of area median income (AMI) and that, with financing, construction could begin this summer with first occupancy targeted in November 2027.
Renee Grama, director of public works for the City of Lawrence, told the council the petition aligns with the Fort Harrison reuse authority plan and is compatible with surrounding uses. Grama recommended approval and suggested the council require recorded commitments for the six low-income units so the provision would be enforceable.
Dustin Meeks of Barnes & Thornburg, representing the Fort Harrison Reuse Authority, explained the proposed bond structure during a separate hearing on the financing: the ordinance would authorize up to $4.5 million in developer-backed economic development revenue bonds whose proceeds would be loaned to Rebar/TRG Fort Bend LLC. Meeks said the bonds are structured so the reuse authority’s tax increment revenues would be pledged for debt service and the developer would backstop payments; he emphasized that “the city has has no financial sort of risk involved here” if tax increment revenues do not materialize.
Councilors probed the project’s affordability commitments, asking who would subsidize the six AMI units and whether the units would remain restricted over time. Deaton said there would be “no subsidy from the city” and that the six units would be rented at HUD-defined levels to households meeting income criteria; he added the developer would market the units and record the commitment in legal documents. Deaton told the council he was “more than happy to record that as part of the rezone” and indicated the team preferred tying the commitment to the TIF, which runs for 25 years.
After discussion, Councilor Zert moved to approve the bond ordinance on the condition that language tying the six affordable units to the TIF documents be included; Councilor Robinson seconded. The council recorded an 8-0 vote to approve the bond ordinance with that condition. Earlier in the meeting the council had voted 8-0 to approve the rezoning petition (26 LZ 025649).
The council also discussed logistics of developer-backed financing and the reuse authority’s role in deploying tax increment revenues; staff and the Fort Harrison Reuse Authority emphasized that the city would not be responsible for the bond if project revenues were insufficient. Deaton and Meeks both said they would follow up with any additional technical details requested by the council.
The council’s actions mean the project may proceed to the TIF and financing documentation phase; the developer and the reuse authority will finalize legal language to record the six AMI units as part of the TIF/financing package.
