There has been much discussion regarding the Creekside Development Project, and we would like to set the record straight.
The development is founded on a smart, thoughtful and comprehensive master plan put forth by the city of Parkville in 2009, and this development meets every element of that plan.
We, of course, understand there will be differing viewpoints and opinions regarding our development. And those critics are certainly within their right to voice those opinions. However, we feel compelled to ensure the facts and overarching benefits are understood by all residents – accurately and comprehensively:
1. The Finances – Parkville Will Benefit Greatly:
- There are no upfront costs to the city or other taxing jurisdictions, and no city-backed bonds will be issued.
- We, the developers, are investing more than $300 million in Parkville’s future. We are taking the risk, not the city or its taxpayers.
- The city currently pays a $430,000 annual obligation for Neighborhood Improvement District (NID) bonds on this land. In the mid 2000s, the city installed infrastructure, including sewers and pump stations, in anticipation of a planned development. When that development fell through, the city was left with the bill. The Creekside Development will eliminate this $430,000 annual burden on the city.
- Park Hill schools will receive a net benefit of over $4 million for the incentive investment in the development.
- The city of Parkville and Platte County will each receive more than $550,000 ($1.1 million total) in new sales tax revenues annually.
- All in all, the city and other local taxing jurisdictions will receive more than $6.9 million annually in property, sales and hotel occupancy taxes after the TIF term.
- Parkville taxpayers will be relieved of debt burden from Brush Creek and Brink Meyer NID bond payments, including saving $315,000 in annual transfers from the General Fund.
- These funds can then be used for capital improvements in Parkville, maintaining an Emergency Reserve Fund balance, and no extension of the temporary tax levy will be required from 2024 to 2034. Property taxes to Parkville citizens will be reduced when current 2004 COP debt is retired.
2. The Opportunities – Parkville and Surrounding Residents Will Benefit:
- More than 4,000 construction job years will be created. Job years equate to the number of jobs created multiplied by the number of years the jobs will remain active.
- More than 750 permanent jobs will be created. Both of these job creation numbers are very positive numbers for our community.
- Vacant land will be transformed into a vibrant mixed-use development, generating tax revenues where none existed before.
3. The Amenities – Breathing New Life Into Our Great City:
- A tournament-quality youth baseball facility will call Parkville home and will bring visitors with disposable income into our city to stay and spend at our local restaurants and shops.
- Reputable hotel brands (not motels, as some have falsely stated) will call Parkville home.
Market-rate multifamily apartments and affordable single-family homes will help stabilize our community and bring new residents and young families into our city. In fact, with single-family homes around $300,000, we are setting the lowest starting price point in Platte County.
Let’s talk incentives. We are pursuing and leveraging four distinct incentives – TIF (Tax Increment Financing), CID (Community Improvement District), TDD (Transportation Development District) and Chapter 100 Bonds. A project of this size and scale in Parkville cannot come to life without them.
The incentives we are pursuing are lower than what other developments have asked for and received around Parkville. For example, 50 percent of property taxes will be used for eligible reimbursable project costs for the first 10 years, increasing to 65 percent in years 11 to 17, then 75 percent for the final five years. Most other projects ask for 100 percent out of the gate.
We have worked very closely with the Park Hill School District and other taxing jurisdictions to ensure all parties’ best interests are being met. Making only 50 percent of the property taxes eligible as reimbursable project costs over the first 10 years will allow these districts to have the funds to continue providing their excellent services to our community.
This project will move Parkville forward. The facts are clear and the benefits are real. Mayor Nan Johnston and the board of aldermen are entrusted with ensuring Parkville continues to move forward. As stewards of the city’s master plan developed in 2009, they have an obligation to bring this vision to life. The Creekside Development meets or exceeds every aspect of that plan.
Please visit ParkvilleForward.com to learn more about the development and how it will set the community on a positive path forward for all of us, for generations to come.
We are not outsiders. We live here too, and we love Parkville as much as you do. Together, we will move Parkville forward.
–Brian Mertz, Parkville Development