Kansas City TIF Commission Approves Redevelopment Plan for Stalled Antioch Mall
- Nov 21, 2011
The long-stalled redevelopment of the Antioch Mall seems to be back on track as the Kansas City Tax Increment Financing Commission unanimously approved the plan proposed by the new owners of the mall, Antioch Redevelopment Partners LLC. The Kansas City Star reports the Kansas City Council is expected to approve the plan before the end of the year and the aging shopping center will be torn down soon after that.
The 200,000-square-foot mall has been struggling since 2002 when it was bought by a Canadian developer. In 2008 the City Council approved a $72.3 million redevelopment plan but the deal collapsed and the bank repossessed the property last year.
The Antioch Mall overcame another hurdle earlier this year when Sears dropped its objections regarding the redevelopment plan after previously winning a temporary injunction in June.
The plan calls for the renovation of 170,000 square feet of retail space including the Sears and Burlington Coat Factory, demolition of 200,000 square feet and construction of 91,285 square feet of new retail space. A 96-unit seniors apartment building is also being planned for behind the retail development.
The TIF assistance for the project will be $26.5 million over 23 years, representing approximately 39.4 percent of the cost. Spencer Thomson, the attorney representing the developer, declared the mall is expected to generate enough tax revenue to pay back the TIF bonds in 13-15 years.
According to the evaluation carried out by the TIF Commission, if the TIF runs though the full 23 years, the project would generate a net benefit of $1.6 million to the North Kansas City School District; $5.2 million for Kansas City and $8.2 for Clay County.