The developer of Stag’s Spring, a proposed multi-family apartment complex in downtown Shawnee, is requesting tax increment financing to assist with project costs.
Shawnee developer Kevin Tubbesing is planning a $16.1 million luxury housing development. He’s requesting $3.1 million in city participation through tax increment financing funds. Ten million dollars of the remaining $13 million for the project would come from a conventional loan, according to city documents.
City staff noted that financial information is preliminary at this stage.
The city must first consider establishing a TIF district on the project site before the developer could receive public financing. The second stage of the TIF process would be approval of a project plan within the newly established TIF district.
Tubbesing, the developer behind Stag’s Creek on Shawnee Mission Parkway, is also requesting the use of $13 million in industrial revenue bonds for sales tax exemption on construction materials.
The project site is located at the northeast corner of Roger and Nieman Roads. Plans call for an 85,000 square foot facility and infrastructure improvements, including parking, landscaping, lighting, utilities, stormwater, sidewalks and walkways, streets and drives, and other infrastructure and amenity improvements.
The project team for the development includes:
- Principal: Stag’s Spring LLC (Kevin Tubbesing, SIOR, CCIM, ALC)
- Legal counsel: Seigfreid Bingham, PC (Steve Kyle, Esq.)
- Engineer: Schlagel and Associates, P.A. (Daniel G. Foster, PLA and Jeff Skidmore, PE)
- Architect: Tevis Architectural Group, P.A. (Terry Tevis, AIA NCARB)
Shawnee resident Kris Durbin, a candidate for the Ward 4 seat on the council, said he was concerned the developer is asking the city “to take on more cash risk in this project than he’s willing to take on himself.”
“I would encourage the council to consider that in your decision on this,” Durbin said. “I don’t think that’s appropriate for the city to be taking on more financial cash risk on a project such as this than the developer would.”
The Shawnee council voted 7-1 to provide notice for the public hearing to consider establishing a TIF district on the project site. Councilmember Mike Kemmling cast the dissenting vote. Historically, Kemmling has voted against public financing of private development, including tax increment financing requests.
There was no council discussion.
Based on publication requirements, the public hearing is set for Oct. 28. During the hearing, the city council may consider the boundaries of the TIF district and whether it meets TIF eligibility requirements as a blighted or conservation area.