TIF plan for Linwood Shopping Center moves forward
Redevelopers of the largely defunct Linwood Shopping Center at Linwood Boulevard and Prospect Avenue got a needed permission slip Monday from the Tax Increment Financing Commission.
The plan to demolish and rebuild a supermarket as the anchor tenant will go to the City Council for final approval. The city completed purchase of the shopping center last week.
The plan calls for the $15 million renovation to be reimbursed from TIF revenues, including about $8.5 million from payments in lieu of taxes and economic activity taxes. The payments in lieu of taxes are estimated to amount to $5.35 million.
About $13.5 million in construction costs are to be financed through the sale of bonds.
The long-struggling strip mall has a current assessed value of about $555,600. After renovation, the valuation is expected to rise to $1.75 million. The 2015 tax revenues from the redevelopment area amounted to about $44,000, the plan stated.
The city is the lead redeveloper of the grocery at the center of the project. Repopulation of the retail spaces on either side of the supermarket will be handled by Linwood Shopping Center Initiative LLC.
Diane Stafford: 816-234-4359, @kcstarstafford
This story was originally published May 16, 2016 at 10:20 AM with the headline "TIF plan for Linwood Shopping Center moves forward."