The Kansas City Council approved a development plan Thursday to make way for an apartment building near the Kauffman Center for the Performing Arts.
“This is another exciting apartment project that will bring more vitality to downtown,” Councilman Scott Taylor said in a statement endorsing the $52 million project.
The building would replace an old Faultless Health Care Linen industrial structure with a 228-unit apartment building atop a 209-space parking garage, on the east side of Broadway Boulevard between West 19th Terrace and West 20th Street.
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Attorney John McGurk said the developer is not seeking tax incentives for the project but is going through an economic development process to get a set tax schedule that will help with the financing.
The developer hopes to start construction in the fourth quarter of this year, with completion in late 2018.
In other action Thursday, the council approved a measure that will help create a microloan fund for ex-offenders trying to rebuild their lives.
The measure terminates a tax increment financing project at 49th and Main streets and redirects $6,500 in surplus money to a special fund, matching other dollars from Justine Petersen, a financial planning company.
Taylor said this will create a $65,000 pilot microloan fund that will be administered by the Second Chance Program of the Kansas City Metropolitan Crime Commission, in partnership with Justine Petersen.
The microloans, which may average several thousand dollars each, can help ex-offenders purchase equipment or make other investments to start a small business or overcome other employment barriers.