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Council adopts TIF plan for 557-unit 'Residences on the Boulevard'
Summary
The Basehor City Council approved ordinance 980 adopting a TIF project plan for a 557-unit multifamily development and later authorized a development agreement; the TIF is projected to generate roughly $38 million over 20 years and provide about $6 million for city infrastructure.
Basehor City leaders voted to adopt an ordinance approving a tax-increment financing (TIF) project plan for the 'Residences on the Boulevard' and later authorized execution of a development agreement to implement the project. Pete Heaven, the city’s special counsel, told the council the project would include roughly 557 multifamily units — "apartments, townhouses, and villas" — and about 50,000 square feet of commercial space at 155th and Mesa Boulevard.
Heaven said the TIF district is expected to generate about $38,000,000 over 20 years and that eligible infrastructure needs are about $35,000,000. He described the negotiated reimbursement split as 50/50 until the city recovers approximately $6,000,000 for infrastructure and sewer extension work. "Through negotiations, the developer will receive 17,000,000, which is about 40%, and the city will receive 6,000,000 for its infrastructure needs," Heaven said.
Council member Sherry moved to adopt ordinance 980 approving the TIF project plan; the motion passed on a roll-call vote recorded in the transcript. After a brief statutorily required public hearing, the council returned to consider a development agreement that staff and the developer negotiated to implement the plan. Heaven described phasing, penalties for failure to meet construction milestones, and an option for the city to purchase commercial property if the commercial portion is not completed.
Sherry then moved to authorize the mayor to execute the development agreement; the council voted to authorize execution as recorded in the meeting. The project and agreement include concessions the city described as protections (phasing and penalties) and a negotiated rent discount for public employees — "the developer has agreed to give city, county, fire district, and school district employees a 5% discount on rent," Heaven told the council. Council members thanked staff and the developer for their work; next steps are execution of the development agreement and implementation per the contract terms.
