With an 8-1 vote on Wednesday, the Mission City Council approved a redevelopment project plan for the Mission Trails project at 6201 Johnson Drive.
The project plan vote, and a subsequent vote to approve an intent to issue industrial revenue bonds for the project, are the culmination of months of negotiation between the city council and developer EPC Real Estate Group.
Under the terms of the redevelopment plan, EPC will build a five-story, wood-framed that will include 200 apartment units above 5,000 square feet of first-floor retail, restaurant and office space.
A tax increment financing district created by the council in April will give EPC access to incremental property tax revenues to reimburse part of the costs of the development, including costs associated with the construction of a four-story, 287-space parking garage. Under the agreement, 50 of the spaces in the new parking structure will be reserved for public use.
In negotiations with the city prior to the final consideration of the project plan, EPC agreed to pay a total of $250,000 in “project fees” that will be allocated by the city for public improvements in the downtown district.
The agreement also includes a provision that will allow EPC to take advantage of industrial revenue bonds, which will give them an exemption on sales taxes for construction materials, furnishing and equipment associated with the project.
Arcie Rothrock was the lone council member to vote against both the project plan and the industrial revenue bond measures Wednesday.
Groundbreaking on the project is expected to begin in early 2018, with a target opening date in the first quarter of 2020. The total project budget is estimated at $41 million. Projections suggest that the developer will be eligible for $9.2 million in reimbursements through the TIF.
This will be EPC’s second major mixed-use in northeast Johnson County in recent years. It was also the force behind the Avenue 80 development at 80th and Metcalf in Overland Park.