OVERLAND PARK, Kan. - The Overland Park City Council took the first step Wednesday night to make the area near 108th and Metcalf a redevelopment district.
The City Council held a public hearing Wednesday night at City Hall asking residents to weigh in on the proposal. Once an area is labeled as a redevelopment district the developer is able to request TIF funding.
The proposed development is north east of the I-435 and Metcalf intersection. The developer wants to tear down the existing vacant hotel and build a new building with a 123-bed hotel, elite office space and a parking garage with more than 600 parking spaces.
Jim Clark, one of the 108 Metcalf developers, said they will not be able to do the project without the funding.
The first phase is demolishing the existing structure to make way for the 150 thousand square foot new one.
The developer told us they won't be able to do the project if they don't get about $7 million in funding because of the enormous cost.
"Total project cost will be between $68 and $70 million. The office building the parking structure will be about $50 million and the hotel will be about $18 to 20 million.
Overland Park City Could member Dan Stock said a decision on TIF funding will likely not happen until later this year.
"We have to establish — does it qualify for public funds ... and we have to consider what happens if we don't do the project," said Councilman Scott.
The developer also has to clear a number of hurdles at City Hall before a decision on TIF funding will be made.