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Committee recommends modified TIF plan for Black & Veatch site and considers layered CID/TDD financing
Summary
The committee recommended amending the Overland Park Plaza 2 TIF district to accommodate a modified Black & Veatch redevelopment plan and discussed a phased public‑investment strategy that could layer a 0.5¢ TDD and a 1.5% CID (combined cap not to exceed 2%). Staff outlined a schedule to advance project plans and redevelopment agreements over summer months.
City staff described a modified redevelopment plan for the Black & Veatch property that retains the larger TIF district boundary but reallocates internal project areas and removes an internal park in favor of contributions to nearby public amenities. The proposal covers roughly 30 acres and includes private and public investments in site and utility infrastructure; staff said the Phase 1 TIF plan modification carries a Phase 1 design and implementation schedule with key steps between June and September.
Staff also presented a multi‑step public investment strategy that would layer a 0.5¢ Transportation Development District (TDD) and a 1.5% Community Improvement District (CID) over selected parcels, resulting in a combined special sales tax that would not exceed 2% and would sunset in line with the TIF district expiration. "Under this proposal, the combined special sales tax would never exceed 2% and would end around the same time that the OP Plaza TIF district is set to expire," staff said. The committee voted to recommend ordinance language amending the TIF plan and authorized staff to continue negotiations and prepare the project plan and redevelopment agreement for further review.
