Thursday, April 5, 2012

UG approves TIF, CID for Metropolitan Avenue project


The Unified Government Board of Commissioners approved ordinances Thursday night to create a community improvement district (CID) and a tax increment financing (TIF) for a project on Metropolitan Avenue in the Argentine district of Kansas City, Kan.

A 15,000 square-foot grocery store, which has been announced as a “Save-A-Lot” store, will be built on Metropolitan Avenue. Joining it will be a 9,000 square-foot retail area and an already constructed Dollar Store facility.

The $4.5 million project will be funded on a “pay-as-you-go” CID and TIF. For 22 years, a one percent additional sales tax will be charged on all goods within the district.

The CID tax will fund 13 percent of the project, while the TIFs are expected to generate $2.25 million of the project – or half the cost.

Argentine Commercial Inc. will partner with the UG for the project.

Jan Thomas, a resident in the neighborhood, spoke out in support of the project during the public forum session held prior to the vote.

“It’s imperative for our neighborhood to have a grocery store,” Thomas said. “We need a grocery store in our neighborhood.”

The voting commissioners unanimously approved of both the CID and TIF.