The Garden City Commission on Tuesday approved public hearings to consider the creation of a Community Improvement District, or CID, and Tax Increment Financing, or TIF, for an upcoming more than 11-acre commercial development on East Kansas Avenue.
The public hearing for the CID will be at 1:30 p.m. and the hearing for the TIF will be at 2 p.m., both on June 18 on the second floor of the City Administrative Center, 301 N. Eighth St.
Earlier this year, the city approved a memorandum of understanding with developer 2107 E. Kansas LLC, which proposed to develop the land across the street from the Garden City Plaza shopping center into a seven-plot commercial development, plus parking, anchored by a new First National Bank building. Several other separate commercial buildings would also be included.
The CID and TIF are both tools to help the developer finance elements of the project, the TIF dedicating a portion of the land’s property taxes toward the plat’s development and the CID allowing for an increased sales tax in the completed commercial development that will also be used to cover start-up costs. 2107 E. Kansas LLC is requesting both for the development.
In this case, the money will cover initial infrastructure components like utilities, drainage, landscaping, roads and parking lots.