A planned senior citizen apartment development slotted for the old Neff Printing land near Panera on Mission’s west edge has failed to receive Low Income Housing Tax Credits for the second year in a row.
The city is now faced with potentially renewing a contract with Brinshore Development for another year or terminating the contract and looking for a new developer who might be interested in the property. The city owns the land and recently has had the Neff building, which was in significant decay, demolished.
The latest deal with Brinshore, which was renewed after the company did not receive the tax credits in 2014, called for Brinshore to participate in the cost of demolition. The developer put up half of the approximately $88,000 cost of the demolition, but is entitled to 75 percent of that contribution back if the city terminates the contract. If Brinshore is successful in moving forward with the project and purchasing the land from the city, it would shoulder the full cost of the demolition.
The project, planned for 32 affordable senior apartments, is relying on the tax credits from the Kansas Housing Resources Corporation.
Councilor Dave Shepard suggested that, if the city renews the contract, it gets another non-refundable payment on the demolition. Another option, or additional stipulation, he said, might be to give Brinshore right of first refusal if another developer wants to purchase the property. That would allow the city to accept a purchase offer without waiting another full year.
Councilor Amy Miller suggested terminating the Brinshore contract and opening the property to other developers for six months to see if there is any interest.
Brinshore will meet with the housing corporation in June to determine how it might have a better chance for funding. The credits are awarded once each year. In a letter, Brinshore said it is committed to continuing to work with the city to develop the site. The issue is expected to be back on the council agenda in July.