Developers of Mission Farms West want the city to increase public financing for the next phase of construction for the mixed-use development near Mission Road and Interstate 435.
Catch up quick: The Overland Park Finance, Administration and Economic Development Committee has already voted to recommend issuing $27 million worth of economic development revenue bonds – tripling the original $9 million previously approved by the city.
- The bonds are a financing measure that will allow the developer, Mission Farms West Development LLC, to claim sales tax exemptions on construction materials, equipment, labor and furnishings for the project.
Why now: The requested increase in public financing is being driven by the developer’s plan to build two residential elements of the Mission West project at the same time instead of in separate phases.
Background: In 2019, the Overland Park City Council approved a resolution of intent to issue a $9 million sales tax exemption for the development of three four-story apartment buildings with a total of 21 units each on the north side of the development, facing 105th Street.
What’s new: The request to roughly triple the size of the sales tax exemption from $9 million to $27 million is due to an additional building on the east of the property that the developer wants to include in this next phase of project, according to development lawyer Curt Peterson.
- Initially, that 132-unit apartment building on the southeast corner of 105th Street and Mission Road was supposed to be built in a different phase of the project.
- But due to the developer using the same contractors for both the buildings to the north and that building to the east, Peterson said they want to construct all three buildings in one phase.
Key quote: “The difference between the $27 million and the $9 million is the addition of the east building,” Peterson said. “We didn’t have an application before for the east building because we were phasing the project differently, but now we are going to do it all together.”
What’s next in the Mission Farms West development
In order to gain final approval, this item is set to come before the city council at its Dec. 5 meeting.
- If approved, Peterson said the developer is set to present a final development to the city this spring for two of the three multi-family buildings to the north, as well as the additional building to the east.
- Construction for this phase in the development is set to begin next year and will take approximately 18 to 24 months to finish, Peterson said.
