ORDINANCE NO. 240044

title
Sponsor: Councilmember Crispin Rea

Appropriating the sum of $750,000 to support phases 3 and 4 of the Midtown Plaza multifamily development project; authorizing the City Manager to execute a funding agreement with the Planned Industrial Expansion Authority.

body
WHEREAS, the City Council of Kansas City, Missouri adopted Ordinance No. 150465 on July 9, 2015 finding a blighted, unsanitary or undeveloped industrial area exists in an area generally bounded by West 34th Street on the north, West 36th Street on the south, Wyandotte Street on the east and Pennsylvania Avenue on the West ("Plan Area") as prepared by the Planned Industrial Expansion Authority of Kansas City, Missouri (the "Authority"); and approving the Second Amended and Restated General Development Plan for the Plan Area; and

WHEREAS, MGE Capital, LLC (the "Developer") submitted a proposal to redevelop the property located at 3420 Broadway, and generally bounded by West 34th Street on the north, Broadway Boulevard on the east, West 34th Terrace on the south, and Pennsylvania Avenue on the east (the "Property"), which Property is located within the Plan Area; and

WHEREAS, on May 19, 2016, the PIEA's board by Resolution No. 1815, approved the proposal and notified the Council of its intent to execute an industrial development contract for development at the Property; and

WHEREAS, the project calls for the conversion of the seven-story MGE Building located on the Property into approximately 106 apartments featuring such amenities as a fitness center, cinema, game and yoga rooms, and outdoor pool, with approximately 4,279 square feet of ground floor commercial space and surface parking ("Phase I"), and for the new construction of an approximately 21,435 rentable sq. ft. retail/office building ("Phase II"), another approximately 114 unit apartment building with 142 surface parking spaces ("Phase III"), and approximately 20 rental townhomes ("Phas...

Click here for full text