Overland Park will analyze a possible incentive package for Creative Planning, a Leawood wealth management firm looking to relocate to a new office building at Interstate 435 and Nall.
The Overland Park City Council on Monday night approved a measure that schedules a public hearing, possibly for February, where the council will consider whether to approve tax incentives for the project. In the meantime, Creative Planning and city staffers will come up with a cost-benefit analysis of the incentive package.
Creative Planning employs 206 currently. The firm has told the city it expects to grow to more than 600 employees within the next 10 years.
VanTrust Real Estate owns about 14 acres at the southeast corner of I-435 and Nall. That’s where a building previously occupied by CenturyLink existed until this last weekend when Burns & McDonnell and Industrial Salvage & Wrecking demolished the aging structure.
VanTrust is developing a 125,000-square-foot office building that Creative Planning is expected to occupy.
Creative Planning and the Overland Park Economic Development Council have crafted a proposed incentive package that, if approved, would give the firm a 25 percent property tax abatement. That abatement would increase to 40 percent if Creative Planning’s workforce grows to 400.
The abatement goes away if Creative Planning’s employee count drops below 200, or if its average salaries, currently at $103,390, dips below $75,000.
Creative Planning would also have to use Overland Park hotels for outside visitors, pay dues to the Overland Park Chamber of Commerce and Economic Development Council and pay an annual $2,500 contribution to a city-selected charitable organization.