Riverfront apartment project, bond issues on Thursday’s UG Commission agenda

The Unified Government Commission is scheduled to meet Thursday, Aug. 13, in a remote Zoom meeting.

On the 5 p.m. agenda is an update on COVID-19 and a new medical order regarding youth sports.

At the 7 p.m. meeting will be an ordinance and resolution for the Yards II apartment and riverfront development, which is on the Kansas River near the bottoms.

It includes a public hearing. The UG Commission is asked to pass an ordinance creating the Riverfront Redevelopment District and a resolution adopting the development agreement.

According to the development agreement, the project is for 225 to 240 apartment units. The first floor of the building would include about 6,000 square feet of retail space for retail, restaurant and entertainment. The project also includes a health and fitness center, outdoor kitchen and grills, patio space, and a dog park. Construction would start on the project by Dec. 31, 2023, and be completed by Dec. 31, 2025, according to the agreement.

The developer, Flaherty and Collins, will build a first-class river overlook apartment building, according to UG officials. The project costs of the first phase are $40.7 million.

The incentives for the first project area include a pay-as-you-go TIF, with no bonds; a public incentive cap of $11 million and not more than 23 percent of the total project cost; and equal to 100 percent of the increase in property taxes for project area 1 for up to the maximum 20 years, according to UG information.

More information on this project is at http://wyandottedaily.com/public-hearing-date-set-for-the-yards-apartment-complex-near-kansas-river/.

The UG also is scheduled to consider four items concerning bonds and notes issuances.

According to the UG agenda, the UG has received an AA outlook, stable rating from Standard and Poor’s, and A1, stable, from Moody’s from the Aug. 7 credit rating reports.

According to the agenda, the UG is refinancing $41 million in outstanding bonds issued in 2010 and 2011, with an interest savings of $4.4 million.

There will be $3.4 million in capital improvements in new financing as well, according to the agenda. This was previously budgeted in the 2020 original budget as cash-funded projects.

Also, there will be $5.2 million proposed to finance in 1 to 3-month temporary notes for the $7 million Enterprise Resource Planning Solutions project, according to the agenda. The UG projects savings on the refunding.

Also on the agenda will be a request to apply for the fisal year 2021 VOCA grant for $368,771, with funds going to the victim services unit. A match of $92,191 is required from Police Department funds.

Also, a resolution will approve the donation of a 2008 sheriff’s office transport van to the Salvation Army. The value of the vehicle is between $800 and $1,500.

In addition, the commission will accept the plat of KC Railcar, 1147 S. 14th; and the Turner Logistics Center, College Parkway and Tauromee.

The meetings will be on UGTV on local cable television and on YouTube. For information about how to connect to the Zoom meetings on the internet, or how to participate in the meetings, visit https://www.wycokck.org/Clerk/Agendas.aspx or call the clerk’s office at 913-573-5260.

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