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TIF opens door to redevelopment elsewhere
By: Holly Kramer, Staff Writer
Overland Park’s approval of the city’s first tax increment financing has other developers optimistic about their chances of getting a TIF.
The City Council unanimously approved a $3.5 million tax incentive package for Tri-Land Properties to redevelop Cherokee South Shopping Center at the southwest corner of 95th Street and Antioch Road.
This is good news for developers who are waiting to revitalize other areas in Overland Park, Developer Paul Goehausen said.
Goehausen, of Leawood-based Goehausen and Company, is planning Market Lofts, an $11 million mixed-use development with retail on the ground floor, apartments above and six penthouses on top.
The city has already established the area at 80th and Marty streets as a redevelopment district and conducted a TIF review.
“I think it’s going to help Overland Park get some older areas in town redeveloped that were not economically feasible,” Goehausen said. “I think it shows that they have an interest in older parts of town that need to be revitalized.”
Goehausen said the Vision Metcalf plan has also generated interest in Market Lofts.
“I think that’s why I’ve gotten so many calls about the development,” Goehausen said. “They can see that Overland Park is serious and will invest in that part of town.”
The City Council will hold the final hearing for the Market Lofts TIF on May 19.
“I’m banking on it,” Goehausen said. “I’m sure hoping they pass it. I can’t go forward with the project without it. Especially with a 60-car parking garage included in the plans.”
The $23 million Cherokee South redevelopment plan includes demolishing 31,000 square feet of existing structures, building a 14,820-square-foot Walgreens store, adding 9,900 square feet of small shop space and adding a 1,800-square-foot freestanding building.
Tax increment financing uses the additional taxes generated by a completed development to pay for development costs such as land acquisition and site improvements.
Mayor Carl Gerlach said council members took their time in passing the city’s first TIF.
“The council and the staff did a good job of asking most of the questions necessary before Overland Park stepped in to its first TIF,” Gerlach said. “We handled it differently than many other cities by putting in some guarantees and checking with consultants before development would happen. I think without (the TIF), the redevelopment wouldn’t happen.”
The future of TIFs in Overland Park remains to be seen, Gerlach said.
“We’ve always said that we’ll look at this TIF and the Market Lofts TIF and use them to learn about TIFs,” Gerlach said. “After those two, the staff will put together policy guidelines if we do any future TIFs.”
The Cherokee South redevelopment plan has been enticing for some new residents of Overland Park.
Kari D’Amato moved here from Denver, Colo. She said Tri-Land’s plans to redevelop Cherokee South played a role in her decision to locate in a nearby neighborhood.
“When I lived in Denver, they were redeveloping our area and I loved it,” D’Amato said. “It was exciting watching everything change. I thought if something like that might happen to Cherokee South, it could help with property values.”
D’Amato said she looks forward to seeing new businesses at Cherokee South.
“We’ve put money into our house here and in turn, that will help with our neighbor’s property values,” D’Amato said. “This is a really great community and I think redeveloping the area will help bring life back. I grew up around here and it’s sad to see the shell that Cherokee South is. It’s so unused and undervalued. It will be nice not having to go south to shop.”
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The City Council unanimously approved a $3.5 million tax incentive package for Tri-Land Properties to redevelop Cherokee South Shopping Center at the southwest corner of 95th Street and Antioch Road.
This is good news for developers who are waiting to revitalize other areas in Overland Park, Developer Paul Goehausen said.
Goehausen, of Leawood-based Goehausen and Company, is planning Market Lofts, an $11 million mixed-use development with retail on the ground floor, apartments above and six penthouses on top.
The city has already established the area at 80th and Marty streets as a redevelopment district and conducted a TIF review.
“I think it’s going to help Overland Park get some older areas in town redeveloped that were not economically feasible,” Goehausen said. “I think it shows that they have an interest in older parts of town that need to be revitalized.”
Goehausen said the Vision Metcalf plan has also generated interest in Market Lofts.
“I think that’s why I’ve gotten so many calls about the development,” Goehausen said. “They can see that Overland Park is serious and will invest in that part of town.”
The City Council will hold the final hearing for the Market Lofts TIF on May 19.
“I’m banking on it,” Goehausen said. “I’m sure hoping they pass it. I can’t go forward with the project without it. Especially with a 60-car parking garage included in the plans.”
The $23 million Cherokee South redevelopment plan includes demolishing 31,000 square feet of existing structures, building a 14,820-square-foot Walgreens store, adding 9,900 square feet of small shop space and adding a 1,800-square-foot freestanding building.
Tax increment financing uses the additional taxes generated by a completed development to pay for development costs such as land acquisition and site improvements.
Mayor Carl Gerlach said council members took their time in passing the city’s first TIF.
“The council and the staff did a good job of asking most of the questions necessary before Overland Park stepped in to its first TIF,” Gerlach said. “We handled it differently than many other cities by putting in some guarantees and checking with consultants before development would happen. I think without (the TIF), the redevelopment wouldn’t happen.”
The future of TIFs in Overland Park remains to be seen, Gerlach said.
“We’ve always said that we’ll look at this TIF and the Market Lofts TIF and use them to learn about TIFs,” Gerlach said. “After those two, the staff will put together policy guidelines if we do any future TIFs.”
The Cherokee South redevelopment plan has been enticing for some new residents of Overland Park.
Kari D’Amato moved here from Denver, Colo. She said Tri-Land’s plans to redevelop Cherokee South played a role in her decision to locate in a nearby neighborhood.
“When I lived in Denver, they were redeveloping our area and I loved it,” D’Amato said. “It was exciting watching everything change. I thought if something like that might happen to Cherokee South, it could help with property values.”
D’Amato said she looks forward to seeing new businesses at Cherokee South.
“We’ve put money into our house here and in turn, that will help with our neighbor’s property values,” D’Amato said. “This is a really great community and I think redeveloping the area will help bring life back. I grew up around here and it’s sad to see the shell that Cherokee South is. It’s so unused and undervalued. It will be nice not having to go south to shop.”