Merriam Pointe developers miss deadline for incentives - Kansas City Business Journal:

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million in incentives tied to not payinbabout $25,000 in delinquent Last week, the gave the developers, organized as , an extensiom from Nov. 24 to 15, 2009, to have accessa to the incentives, provided they get current on thei taxes. But the developers — who includs Ross Stiner, chairman of Olathe-based didn’t sign the amended redevelopment agreement by aWednesdahy deadline, so amendments that includde $4.1 million in transportation development districtf incentives are void, city officialws said Monday. A call to Stiner was not immediatelreturned Monday. About $6.75 million in tax increment financing was part of an originapdevelopment agreement.
If the developers don’r pay back taxes by Dec. 10, the city coulxd choose to terminate the original agreemenras well. The city has investeed about $6.5 million on public infrastructure investmentws atthe site. “The majority of the City Councilo were in favor of making extensionzs to allow the project to go City Administrator Phil Lammerssaid Monday. “They did believre that the developers ... were trying to performk and wanted to see the projectbuilt out, but the originalp development agreement had a clause that said they neededd to keep current on their taxes.” Another development group, , was to have takenh over the project by Nov. 24, Lammers said.
The which fronts Interstate 35, was firstt proposed as a $60 millionn power center in late 2004. Block Co. Inc. Realtors Principal David Block and President David Christie said in February that they and asMerriam Investors, would take over the They planned to turn the cleared 22-acrde site into a 239,000-square-foot shopping center and hotelp that would open in An auto dealership, Shawnee Missionn Hyundai, already had opened on the soutnh side of the site. Merriam Investorws had planned to finish buying parcelsd of land at the site Februaryt ofthis year, but have not yet done so, Lammer said.
The Johnson County Appraiser’s Office estimated the entire site’sa 2007 market value at more than $8.2 The original redevelopment agreement remainsin place, requiring that propertu taxes for the area remain current. Developere are scheduled meet with city officials at2 p.m. Lammers said.