Developers of the Sonoma Plaza retail center, proposed for one of the last big tracts of vacant land inside the Interstate 435 loop in Johnson County, received unanimous approval from the Lenexa City Council Tuesday night for the creation of a community improvement district (CID) and the provision of a $1.35 million economic development grant. On June 5, the council approved tax-increment financing (TIF) plans for Sonoma Plaza and the multifamily residential development Sonoma Pointe. The 20-year TIF plan for Sonoma Plaza will reimburse the developer using up to 40 percent of the TIF increment for up to 12 years for a maximum of $4 million, after which the city will be entitled to receive 100 percent of the increment and any balance for the remainder of the 20-year TIF term. The council also approved on June 5 the city’s issuance of up to $20 million in industrial revenue bonds for the project.
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