Overland Park officially nixes tax incentive deal for Market Lofts project — here’s why

Market Lofts

Overland Park City Council terminates tax incentive deal with Market Lofts after the developers sold the project without councils approval. Around $100,000 worth of TIF money that had already been collected for the project will ultimately be returned to the city and the other taxing jurisdictions. File photo.

The tax incentive deal between Overland Park and the developers of Market Lofts has officially been terminated.

On Monday, the Overland Park City Council voted unanimously to end the tax increment financing agreement after the city learned in September that the developer had sold the project without the council’s approval.