Development News for Mission, Kansas

City Approves TIF Redevelopment Plan and Agreement for Encore Multifamily Project

The City Council approved an ordinance adopting the Tax Increment Financing (TIF) redevelopment project plan for Rock Creek Redevelopment District number 3C and authorized an amended and restated redevelopment agreement with Encore Land LLC. This plan includes a five-story, 180-unit multi-family development on parcels including the city's transit parking and the former Wendy's property. The agreement mandates the developer achieve LEED Silver certification, reserve 20% of units (36 apartments) at 60% of AMI for the 20-year TIF term, and provide annual reports on compliance. The city intends to issue Industrial Revenue Bonds (IRBs) to facilitate a sales tax exemption on construction materials, with an amendment to the resolution of intent to increase the authorized principal amount from $22 million to $25 million and assign rights to Encore Land LLC.