Y.Lofts Project - Economic Development and Finance Committee Report
The Y.Lofts Project, a major revitalization initiative, highlights key details including a principal investment of approximately $8.9 million, utilization of Historic Preservation Tax Credits, and development plans for senior living and mixed-income affordable units. The project, expected to commence construction in September 2019 and complete by November 2020, qualifies for the NRA Property Tax Rebate Program due to its special project status and historic designation by the State of Kansas. A resolution approving an NRA Special Project application for the renovation and revitalization of the former YMCA building at 900 North 8th Street is requested.
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Presentation Transcript
Y Lofts Project ECONOMIC DEVELOPMENT & FINANCE COMMITTEE JULY 8, 2019
Project Highlights Prairie Fire Development Kelley Hrabe, Principle Investment of approximately $8.9 million Historic Preservation Tax Credits Senior living (55+) development of the former YMCA building at 8th& Armstrong 44 units of mixed-income affordable living (between 30%-80% AMI) Construction to commence in September 2019 Project completion expected in November 2020
NRA Property Tax Rebate Program Y Lofts qualify as a Special Project in the NRA Policy Located in Area 1 (generally east of 635) Project investment greater than $3 million Project received historic designation by the State of Kansas Property Tax Rebate Program Requires a minimum of 15% assessed value increase Rebate is 75% and can be increased by 10% for complying with LMW goals 20 years
Action Requested RESOLUTION: NRA Special Project Application A resolution approving an NRA Special Project application for the renovation and revitalization of the former YMCA building at 900 North 8thStreet.
