Overland Park council approves $200M tax deal for massive Brookridge development
OVERLAND PARK, Kan. — The Overland Park City Council narrowly approved the financing plan for a large, controversial redevelopment project near 103rd and Antioch.
It was after midnight Tuesday when council members voted 8-4 in favor of financing the Brookridge project, which has been in the works for nearly 5 years. Overland Park Mayor Carl Gerlach cast the deciding vote, moving the plan ahead 9-4.
On the 140-acre site, developers plan to build apartments, a hotel, office spaces and food and retail businesses on what used to be a golf club at the intersection.
The council approved more than $158 million in tax increment financing and $46.5 million in community improvement district financing.
The TIF agreement means developers will be reimbursed for new property taxes created by the project, up to $158.5 million over 20 years. The CID agreement means all businesses inside the district would charge an additional 1.5% sales tax, with the money again going back to the project.