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12-15-2014 Final Major Commercial Entertainment and Tourism Area

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12-15-2014 Final Major Commercial Entertainment and Tourism Area MAJOR COMMERCIAL ENTERTAINMENT AND TOURISM AREA STUDY I-435 and Antioch Mixed-Use Project December 10, 2014 I. Introduction Overland Park Development Company I, LLC ("Developer") has submitted a request for tax increment financing (“TIF”) to the City of Overland Park, Kansas (the "City") for the redevelopment of the Brookridge Golf & Fitness property, an approximately 194-acre site generally located in the northwest and northeast quadrants of Antioch Road and Interstate 435 (“Brookridge,” and along with certain adjacent right-of-way, as described below, the “Subject Property”), the legal description of which is set forth on Exhibit A attached hereto. This study is intended to review the Subject Property for eligibility as a major entertainment and tourism area pursuant to K.S.A. 12-1770 et seq., the Kansas TIF statutes (the “Act”). II. Legal Description The legal description of the Subject Property is attached hereto as Exhibit A . The Subject Property includes the Brookridge Golf & Fitness property, as well as the adjacent Antioch Road and 103 rd Street right-of-way. The Subject Property’s general boundaries are Interstate 435 to the south, the eastern boundary of the Brookridge Golf & Fitness property to the east, 103 rd Street to the north, and Farley Street to the west (excluding all of the residential property west of Antioch). A map depicting the boundaries of the Subject Property is attached hereto as Exhibit B. III. Background The Developer acquired Brookridge in the fall of 2014. According to Johnson County records, Brookridge was developed and built in approximately 1960. Brookridge consists of two clubhouse/fitness buildings east of Antioch along 103 rd Street situated next to 18 holes of golf. Two maintenance buildings are also located on the east side of Antioch approximately 850 feet north of the west-bound I-435 exit ramp on to Antioch Road. A small clubhouse and 9 additional holes of golf are located immediately west of Antioch Road across from the rest of the Brookridge Golf & Fitness property. The Developer proposes to redevelop the Subject Property to create a mixed-use, urban-style center consisting of office, retail, entertainment, hospitality, residential, and public park components (the “Project”). More specifically, the Project calls for – • Performance Venue: An open air performance venue consisting of an approximately 3,000-seat amphitheater will be a centerpiece feature of the Project. The performance venue will be designed to host musical and performing arts events. The Developer is also exploring, through market studies and investigations of venues around the country, whether a covered or even fully-enclosed performance venue is financially viable as part of the Project. An enclosed venue would extend the number of usable days for the venue during the year. 1 • Retail Village: Approximately 330,000 square feet of restaurants and retailers is proposed to be constructed as part of the Project. This will be designed to enhance the appeal of the performance venue for visitors, offering dining and shopping options in a walkable environment along the grand lake and central park to and from the performance venue and ample structured parking. An additional approximately 45,000 square feet of retail is anticipated as part of the planned hotel and office buildings. • Office: Approximately 3.8 million square feet of new Class A office space, which will offer large blocks of Class A office space with easy interstate exposure and access, providing corporate and regional headquarters currently located out of state with options to relocate into Kansas. Corporate and regional headquarters would result in additional out-of-town visitors, including board members, clients, and company personnel to the Project. • Central Park: A substantial park, with a grand lake traversed by multiple bridges and open to the public is planned as a key feature of the Project. For visitors from out of town, the park experience will offer yet another amenity for “weekend getaways” in combination with the planned hotels, the performance venue, golf, and retail village. • Golf: The Developer plans to construct a new, luxury clubhouse on the west side of Antioch and to enhance the existing 9-hole course that currently exists on the west side of Antioch, creating a unique “executive 9-hole experience,” designed to attract both business and pure recreational travelers. • Hotels: The Developer plans to construct three hotels consisting of approximately 750 guest rooms to serve both corporate and leisure visitors. • Residential: Approximately 3.3 million square feet of residential offerings, consisting of over 2,500 for-sale and rental units, will also be constructed as part of the Project. IV. Major Commercial Entertainment and Tourism Area Requirement In order for TIF financing to be available for a project, the project must be in an “eligible area.” K.S.A. 12-1770a(g) defines “eligible area” as follows: “Eligible area” means a blighted area, conservation area, enterprise zone, intermodal transportation area, major tourism area or a major commercial entertainment and tourism area or bioscience development area. The Developer has proposed that the combination of features and the interrelated nature of the components and amenities of the Project proposed for the Subject Property, as described above, qualify the Subject Property as a “major commercial entertainment and tourism area” under the TIF Act. 2 Given that the TIF Act does not define “major commercial entertainment and tourism area,” this Study utilizes the factors set forth in K.A.R. 110-9-6 for the Kansas Secretary of Commerce to consider when making a determination as to whether to designate land under the STAR Bond Act as a “major commercial entertainment and tourism area.” Those factors, as well as some additional factors (the “Eligibility Factors”), are set forth below, and this Study examines whether the Subject Property should qualify as a “major commercial entertainment and tourism area” under the TIF Act in light of such factors. The Developer has commissioned a STAR Bond feasibility study by Canyon Research Southwest, Inc. (the “Feasibility Study”) in support of the formation of a STAR Bond District that would encompass the Subject Property and have boundaries that are identical to the proposed TIF redevelopment district. The Feasibility Study addresses many of the Eligibility Factors in great detail, and for that reason, is referenced multiple times below and is attached hereto as Exhibit C . V. Analysis of Subject Property under Major Commercial Entertainment and Tourism Area Factors (a) Size of project and geographic factors 1. Size of Subject Property The Subject Property consists of approximately 194 acres, plus 103 rd Street and Antioch Road right-of-way. 2. STAR Bond “Eligible Area” Finding The Secretary of Commerce of the State of Kansas in a letter to the City of Overland Park, Kansas, dated November 6, 2014, attached hereto as Exhibit D , determined that the Subject Property is an “eligible area” within the meaning of the STAR Bond Act, KSA 12-17, 160 et seq. , based on the Project’s qualification as a “major commercial entertainment and tourism area.” (b) Unique Quality of the Project 1. State-wide, regional, and national market attraction. The Project will provide an upscale, cohesive, urban blend of entertainment, business, retail, and residential components that will be the first of its kind of this scale in Kansas. The Project, as proposed, will contain the single largest office development designed for multiple tenants, and one of the largest mixed-use developments, ever constructed in the State of Kansas. (Feasibility Study, Market Study Conclusions, p. v) Across Kansas and the Midwest region, the Project’s variety of offerings will be well-positioned to entice leisure travelers to venture to the Project for a weekend filled with concerts or performances at the performance venue, strolls along walking trails that meander through the Central Park and over the bridges traversing the 3 Grand Lake, meals in several of the dozens of restaurants and exploring the boutiques and other retail offerings in the Retail Village, golf rounds at the executive course, and stays at one of the hospitality options nestled among all of these amenities. Especially alluring to travelers from across the metro, State of Kansas, and region, will be the ability to enjoy the array of entertainment options described above, without the need to travel in a car during their entire experience. Moreover, while leisure travelers in the region have certain other comparably diverse destination options, nearly all, if not all, of those alternatives are in truly urban centers that lack the extraordinary safety and security that the City of Overland Park offers. This unique package of amenities offered by the Project, and the intrinsic desirability and convenience of traveling to and within Overland Park, help drive strong estimates for regional leisure travel to the Project. Of the projected 3.0 million visitors that are expected to patronize the Project at full build-out (as discussed in more detail below), regional leisure travel is expected to constitute a significant portion of the Project’s visitors. (Feasibility Study, Market Impact Study – “Estimated Customer/Visitor Counts,” pp. 51-53) In addition to significant leisure visitation, the Project’s components are expected to draw regionally and even nationally based on the Project’s planned approximately 3.8 million square feet of Class A office space. Business travel associated with the Project’s office component, whether it is company executives and other employees based in offices across the country, or clients or customers traveling to the company’s offices for meetings or events, is expected to be significant. The walkable proximity of the spectrum of amenities described above would offer corporate operations the entertainment and hospitality benefits of an urban locale without the traffic, crime, and other negative realities that accompany the typical urban downtown business district.
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