A special sales tax district proposal to help pay for redevelopment of the Ranch Mart North shopping center is being written and will be up for review in a public hearing at the Leawood City Council April 15.
Council member set the hearing date Monday night without discussion on the plan for a modern new look for the 60-year-old center at the northeast corner of 95th Street and Mission Road. At the April meeting, they’ll also consider the redevelopment agreement outlining the costs and particulars of what will be only the second Community Improvement District for Leawood.
Community improvement districts assess a special sales tax within their boundaries that can be used to help pay for some development costs. The sales tax add-on for Ranch Mart North is expected to be 1 percent.
Council members gave the go-ahead for city staff to work with developer Cadence Commercial Real Estate on the other details of the project. However the council did specify that costs incurred after Feb. 18 for the Price Chopper and Meat Mitch Restaurant would not receive CID money, but could be considered part of the project cost which is used to calculate allowable distributions.
The developer’s application, reviewed by the council last month, calls for about $13.5 million in sales tax revenue to go toward costs in the $47 million project.
Trip Ross of Cadence Real Estate also worked on the CID package that was approved by the Prairie Village City Council back in 2010 to spur the redevelopment of the Village Shops and Corinth Square. Those CID agreements add a 1 percent sales tax at the shops for 22 years.
The most recent iterations of Ranch Mart envision new, more modern looking facades, landscaping, buried power lines and interior work at the Price Chopper grocery store. The Cadence website notes that buried power lines at 95th Street and Mission Road will allow for wider sidewalks and landscaping separating pedestrians from traffic. In fact, new pedestrian pathways and connections have been added to make the area more pedestrian friendly, according to the website.