The property owners of the Lenexa Point Shopping Center at the northwest corner of West 87th Street Parkway and Maurer Road are asking for public finance incentives to help pay for improvements to the buildings.
The owners — HB Building LLC, Penn Properties Holding LLC and Knewtson Properties LLC — have petitioned the city to establish a Community Improvement District, which would levy a 1% sales tax on retail sales within the CID area (about 14 acres) for a term of 22 years.
If approved by the city, the CID sales tax would begin on or about April 1, 2020.
The owners are planning to make improvements to the shopping center, including building facade, parking lot and access drive, and landscaping as well as associated site work and infrastructure, for a total cost of roughly $3.5 million.
The owners propose financing the project through a combination of private equity, private debt and pay-as-you-go financing reimbursed with the proposed 1% CID sales tax.
In order to establish the CID, Lenexa must conduct a public hearing. The Lenexa council unanimously approved a resolution to set the public hearing. There was no discussion or public comment.
Lenexa will conduct the public hearing on the proposed CID at 7 p.m. Dec. 17 during the city council meeting.
