Overland Park terminates tax incentive deal for long-troubled Market Lofts project

Market Lofts

An Overland Park city council committee this week unanimously voted to end tax incentives for the developer of Market Lofts downtown, after the city learned that the developer had sold the project without the council’s approval. The vote allows the city to not reimburse a potential $694,000 in tax increment funds over the coming years. Image via Market Lofts Facebook page.

An Overland Park city council committee has voted to pull the plug on giving tax incentives to developers of Market Lofts, the city’s first and most beleaguered public financing deal.

The city council’s Finance, Administration and Economic Development Committee on Wednesday voted unanimously to end the tax increment financing agreement after learning that the developer had sold the project without the council’s approval.