Mission Gateway has long been challenged to get financing, and next week developers will get another shot at it.
On Wednesday, the Mission City Council will decide whether to approve the tax increment financing plans for developers New York-based Cameron Group LLC and GFI Development Co., who pitched a new version of the long-languishing project in February that would cost $268 million.
The developers will request that the City Council terminate the project’s TIF plan from 2017 and establish a 22-year community improvement district, which raises the the CID sales tax rate from 1% to 2%. It also will seek a revised 20-year TIF redevelopment agreement.
If it’s approved, the developers aim to start construction on the first phase, which would cost $163 million, in the first quarter of 2023. That will entail the construction of 49,752 square feet of “small-shop” commercial or restaurant spaces, a 90,000-square-foot entertainment space, 373 apartments, related site work, surface parking and a parking garage.
For the last 16 years, the site on Shawnee Mission Parkway near Roe Avenue and Johnson Drive has seen little work. The developer’s previous development agreement expired in December 2021, also ending the city’s negotiating position. The site was up in the air until the project’s newest iteration was announced in February.
As part of the new redevelopment agreement, Mission would receive $26 million of incremental new property, sales, and tax revenues from the entire Mission Gateway project during the 20-year TIF and 22-year CID terms.
If only the first phase is finished, then Mission would receive approximately $20 million, or roughly 76% of the $26 million projected from both TIF and CID terms.
The redevelopment agreement also requires the developer to maintain 10% of the 373 total apartment units for attainable housing at 60% of the area’s medium income during the TIF term.
According to the developer’s timeline submitted to Mission, the project’s second phase will begin in the second quarter of 2023. Both phases are supposed to finish by the end of the third quarter in 2025.
The second phase would see the construction of more retail and commercial space, a 202-unit hotel and a 100,000-square-foot office or medical facility.
Mission Gateway faces City Council vote on TIF plan – Kansas City Business Journal
