Stanley Square, an aging shopping center in southern Overland Park, may use a tax incentive to help finance $7 million in planned improvements.
Len Corsi, who leases out the shopping center via Johnson County Management, has applied for the formation of a 1% Community Improvement District, or CID.
On Monday, the Overland Park City Council voted 11-0 to proceed with the incentive district petition to help pay for the renovation project at Stanley Square, located on the northwest corner of 151st Street and U.S. Highway 69.
The vote doesn’t necessarily mean the special taxing district will be formed, but it does set up the process.
Councilmember Jim Kite was absent from the city council meeting this week.
How does a CID work?
- CIDs are a type of incentive that uses revenues raised through a special sales tax to reimburse developers for some development costs.
- The special tax — in this case an extra 1% — is only charged in a specific area and usually for 20 years.
- For the prospective Stanley Square CID, the reimbursement cap is set at just over $2 million. The full renovation project is expected to cost around $7 million.
- Recently, Overland Park has been mulling some changes to its incentive policies, including CIDs.
Stanley Square to get a new look
- Last year, the city supported a revised preliminary development plan detailing the improvements, which include redoing the strip mall’s exterior and other upgrades.
- The revised plan also details two new pad sites and parking improvements.
- Currently, the shopping center has space leased to a Rally House, Golden Belt Beef, Dollar Tree and Pak Halal International Foods.
- Stanley Square was constructed in the late 1980s. It is currently owned by the Regnier Family Partnership.
Councilmembers hope Stanley Square brings new life to corridor
Councilmember Chris Newlin was careful not to call the shopping center blighted, but he did say it has become “tired” along with other major retail complexes along the 151st Street corridor.
“That’s why we want to do this, so that we can get ahead of blight,” he said, noting he thinks putting money into Stanley Square “will really revitalize this area.”
Councilmember Jeff Cox, who is frequently opposed to the use of incentives and other economic development tools, was a supporter of this particular project, saying Stanley Square is “worth preserving.”
“We don’t want the owners of these properties to do nothing and let these things go,” he said.
Cox also hoped that preserving an existing shopping center — instead of building a new expensive one with high-dollar rents — would leave real estate for smaller businesses to continue to use.
“I like having sort of a diversity of options for retailers in the city and have different kinds of experiences,” he said.
In September, the city council also approved a redevelopment plan for the former Incred-A-Bowl Family Fun Center that sits just down the street.
That property — which neighbors and councilmembers have said has degraded over the years in which it’s been mostly vacant — has long been considered a key reinvestment priority.
Next steps:
- A development agreement related to the Stanley Square CID is expected to come back to the Overland Park City Council’s Finance, Administration and Economic Development Committee and the Overland Park City Council for consideration at a later date.
- At some point, the city council will also have to hold a public hearing for a CID and vote on an ordinance that would create the incentive district.
Looking back: Overland Park’s Stanley Square complex to expand, get facelift
