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Wednesday, April 3, 2019
OP plans additional tax breaks for CityPlace project


Source: https://www.bizjournals.com/kansascity/news/2019/04/03/op-plans-additional-tax-breaks-for-cityplace.html

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.

Tags:    Kenneth G. Block   Aaron Mesmer   Office Space   Retail Space   Block Development Company   Block Construction Services   Block Real Estate Services   Commercial Real Estate   Commercial Real Estate Kansas City   Multifamily   Multifamily housing