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Overland Park approved the next step in a $1.12 billion project whose goal is to revitalize the Black & Veatch headquarters campus and the surrounding neighborhood.
It's the largest investment ever in the city, and it would be right next to the campus where a group affiliated with the Kansas City Royals bought the mortgage.
KSHB 41's political reporter Charlie Keegan previously reported the group's investment could be seen as a potential site for the Royals stadium if it were to be on the Kansas side.
The area off College Boulevard and Lamar Avenue could be getting some major upgrades with new housing, shops, and a community park.
Overland Park resident Edwin Stewart could see the area growing if investments come from Black & Veatch and the Royals.
"If they come to this area, I can bet my bottom dollar that there's going to be a lot more business and a lot more people coming over to this area to help raise it up even more," Stewart said.
While the wait continues to find out where the Royals will decide to build their new stadium, Overland Park established a tax increment financing district (TIF) for Black & Veatch's $1.12 billion proposal. The city council's unanimous decision on Monday night doesn't award the TIF money yet, but it makes the area eligible to receive the tax dollars.
"That's a big number, isn't it?" resident Steve Baru said. "I'll tell ya I like having a [business development] better than having a Royals stadium across the street."
Nearby neighbors are excited by the idea of having more things to do.
"We normally have to drive to the park, so a nice green space, you can never get enough of that," Stephanie Krzywania said. "I think as you see more families like our age coming out to this area of Overland Park rather than downtown, I think [development] would make this more desirable and a good use of our money."
The TIF district creation means if Black & Veatch fulfills its promise of increasing the property value and bringing community amenities, the company can get nearly $250 million reimbursed from Overland Park. That's nearly 22% of the total project's financing.
"I think if there's more residential and more commercial it would be beneficial for all of us," Baru said. "It would be a shot in the arm for the economy."
Normally, TIFs are granted in Kansas if the area is blighted or falling apart.
Overland Park's assistant city manager explained the vacant office buildings are a tell-tale sign that deterioration is on the way.
"[Black and Veatch's application] is trying to catch it before the area actually gets into a state of disrepair," Jack Messer said. "The modernization of that area is important and I would say critical. This is our industry in Overland Park, and it's important for us to keep it current, keep it fresh and keep it growing."
Overland Park's TIF is a pay-as-you-go system, which provides tax reimbursement from the difference in added value the development creates.
Messer said that means more protection for taxpayers.
"It's not an investment of existing taxpayer dollars," Messer said. "It's an investment of future taxpayer dollars that has to be created."
Black & Veatch released a statement following the TIF district approval that explained the company would most likely not be developing the community amenities themselves, and would instead seek out private developers to help with that portion of the project.
"Black & Veatch’s primary intent for this project is the development of a new, contemporary and resource-efficient designed headquarters to replace our current facility sorely in need of significant upgrades that aren’t now cost feasible," the statement said in part. "While the proposed multi-use project also considers other facilities — including apartments, a hotel and retail — Black & Veatch will likely not be developing those ourselves, and we will help identify and work with private developers with a vision that aligns with the city’s and ours to bring in best-in-class facilities and amenities to benefit this region of Overland Park."
But for residents, they see the most value in community amenities for their tax dollars.
"We were speculating on moving out of the state just a couple of weeks ago, but if they [develop] something like that and there's more stuff being brought to this area, we can stay here until we retire," Stewart said.
There will be a rezoning hearing for the project in September.
