FINANCIAL_SERVICESAPPROVED

City of Mission Regular Meeting Agenda Packet May 20 2026

Mission OKs TIF and Land Sale for Encore Project

TIF reimbursement cap of $10,280,462 for Private Eligible Project Costs; $250,000 purchase price for City-owned transit lotTown of MissionENCORE LAND LLCMay 19, 2026

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Description

The City of Mission approved an Amended and Restated Redevelopment Agreement with Encore Land, LLC for the Encore multifamily project, granting up to $10.28 million in pay-as-you-go TIF reimbursements over 20 years and selling a City-owned transit lot for $250,000. The agreement requires LEED Silver-level sustainability, 20% attainable units at 60% AMI, and reserved public parking within a new garage.

Contract Details

Contract Amount

TIF reimbursement cap of $10,280,462 for Private Eligible Project Costs; $250,000 purchase price for City-owned transit lot

Vendor

ENCORE LAND LLC

Agency

Town of Mission, KS

Contract Type

FINANCIAL_SERVICES

Document Date

May 19, 2026

Contract Term

20-year TIF term starting July 1, 2028; construction commencement by October 1, 2026 and completion by December 31, 2028

Renewal Date

2048-07-01

Renewal Info

TIF term runs 20 years from the effective date of the ordinance approving the Project Plan, with developer sharing at 90% (years 1–5), 85% (years 6–10), 75% (years 11–15), and 70% (years 16–20) of Captured Taxes until the $10,280,462 TIF cap is reached. Developer may terminate on 30 days’ notice; City may terminate upon default under specified conditions.