The $400 million CityPlace development in Overland Park is poised to receive more tax incentives, The Kansas City Star reports.
The Overland Park City Council approved a resolution Monday that states the city plans to issue up to $30 million in economic development revenue bonds, which offer sales tax exemptions on construction materials. The incentives would be used for CityPlace's planned 125,912-square-foot office building Corporate Centre I. The resolution also authorizes a 10-year, 25 percent property tax abatement for the building.
Even with the tax incentives, the site is expected to bring increased property tax revenue to the city.
Council members hope the incentives will help the developer, Block Real Estate Services LLC, attract more tenants for the mixed-use project, which includes apartments, senior housing, 40,000 square feet of retail, and four office buildings near U.S. 69 and College Boulevard. One of the planned anchor tenants is WellSky, formerly Mediware Information Systems Inc., which currently is headquartered in Lenexa.