The city of Prairie Village announced on its website Friday that VanTrust Real Estate, the owner of the Meadowbrook Country Club property, has indicated it is willing to sell the part of the property slated to become a county park for below its appraised value.
The appraisal, conducted in December 2014, puts the value of the 87.52 acres of future park property at $7,800,000. The entire 136.90 acre site was appraised at $12,900,000.
With that agreement in place, says City Administrator Quinn Bennion, all four parties will begin working through the series of steps necessary to formally complete the sale of the property to Prairie Village, which will then hand it over to Johnson County.
The sequence of events is expected to go as follows:
- Approval of memorandum of understanding. Representatives from Prairie Village, Johnson County, Johnson County Parks & Recreation and VanTrust are currently reviewing a memorandum that lays out the structure of the deal and the responsibilities and obligations of each party. Bennion said he hopes the document is ready to bring to the Prairie Village City Council by its June 1 meeting — but that the complicated nature of the deal makes it difficult to predict when it will be ready for council review.
- Establishment of Tax Increment Financing district. If and when the council approves the memorandum of understanding, the city would then begin negotiating a deal to create the Tax Increment Financing district that would help pay for the park land. Bennion expects that this process will likely last through the summer.
- Approval of planning commission for zoning changes. Once the memorandum of understanding and the TIF agreement are finalized, the developer will bring a plan for the housing and senior living portions of the project to the city’s planning commission. Bennion said he believes VanTrust will be applying for mixed use zoning for the property. Once approved by the planning commission, it will be sent to the city council for final affirmation.