Economic Development & finance Committee July 8, 2019

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Presentation transcript:

Economic Development & finance Committee July 8, 2019 Y Lofts Project Economic Development & finance Committee July 8, 2019

Y Lofts – Major Revitalization

Project Highlights Prairie Fire Development – Kelley Hrabe, Principle Investment of approximately $8.9 million Historic Preservation Tax Credits Senior living (55+) development of the former YMCA building at 8th & Armstrong 44 units of mixed-income affordable living (between 30%-80% AMI) Construction to commence in September 2019 Project completion expected in November 2020

NRA – Property Tax Rebate Program Y Lofts qualify as a Special Project in the NRA Policy Located in Area 1 (generally east of 635) Project investment greater than $3 million Project received historic designation by the State of Kansas Property Tax Rebate Program Requires a minimum of 15% assessed value increase Rebate is 75% and can be increased by 10% for complying with LMW goals 20 years

Action Requested RESOLUTION: NRA Special Project Application A resolution approving an NRA Special Project application for the renovation and revitalization of the former YMCA building at 900 North 8th Street.