Structural changes to strengthen the new facades from Regency Park shopping center will mean substantial cost increases for both private and public financing.
The developer of the center, at 93rd Street and Metcalf Avenue has asked the city for a $510,000 increase in the amount it will get from a special sales tax, bringing the reimbursement from $7.3 million to almost $7.9 million. A public hearing on the amended community improvement district is scheduled for Sept. 17. In addition, the city may make also increase the amount of assistance in the form of economic development revenue bonds designed to exempt some development-related expenses from sales tax. The city council’s Finance, Administration and Economic Development committee will also consider changes in that financing to increase the tax savings from $768,000 to $954,000.
The proposed 1 percent in additional sales tax to be charged in the district would not be changed, however.
(Read more: Shawnee Mission Post – Community news and events for northeast Johnson County)