The Lenexa City Council has unanimously approved tax-increment financing (TIF) project plans and development agreements for the Vantage Point office and Meritex strip mine reclamation projects in the Mining TIF District.
Vantage Point is planned to comprise construction of three class-A office buildings of about 315,000 square feet combined; three buildings containing about 19,500 square feet combined for retail and restaurants; and associated site work, utilities and parking structures.
The TIF project plan covers about 32.5 acres at the northwest corner of Renner Boulevard and 93rd Street. The developer is VP Lenexa LLC, a subsidiary of Wichita-based Vantage Point Properties Inc. The 20-year TIF project plan identifies $26.65 million in reimbursable expenses for the developer and $17 million in reimbursable expenses for the city, according to a Tuesday memo from City Administrator Eric Wade to the council.
TIF is a public financing tool by which a developer of a blighted property is reimbursed for eligible development and infrastructure costs using the increment of new property or sales tax revenue generated by the development. Consideration is given to whether a development wouldn’t be financially feasible but for TIF.
The council approved TIF project plans and development agreements for both projects at its meeting last week. Ward 4 Councilwoman Mandy Stuke was absent.