The Woodside Village redevelopment in Westwood could get started yet this year after the city resets the clock on a key part of the financing plan.
The project is planned for Rainbow Boulevard and 47th Place and will include both residential and retail, including a new grocery store. Both Tax Increment Financing and a Community Improvement District are part of the finance package for the project. Subject to a cap, the plan allows the increase in property taxes from the project as well as some sales tax revenue to be directed to offset certain qualified development costs.
The TIF plan runs for 20 years and the CID has a 22-year span. The clock started on the TIF plan in 2011 when the project plan was approved. Tuesday night, the Westwood Planning Commission took the first required step to start the 20-year collection period again this fall so the development does not lose two years of potential collections.
Polsinelli attorney Chase Simmons, representing the development, told the commission that no changes are being made in the development plan that was approved by the city council in January 2013. “This is a sign we are ready to move forward,” he said.
The demolition of the Youthfront building along Rainbow could begin soon after council approvals in October. Two issues that have contributed to construction delays, according to the city, are negotiating temporary moves for cell phone carriers from the Youthfront building and getting approval for intersection changes on Rainbow that involve Kansas City, KS.
An expansion of the Woodside Health and Tennis Club is one phase of the project. The other two phases are along Rainbow to the north and south of 47th Place. The GreenAcres Market is an anchor for the retail additions along Rainbow.