Lawrence city commissioners are scheduled to debate at their July 24 meeting a multimillion-dollar package of incentives for development at Ninth and New Hampshire streets.
The city’s Public Incentives Review Committee agreed on a 5-1 vote to recommend approval of both tax increment financing and a special transportation development district sales tax to spur development on both the southeast and northeast corners of the Ninth and New Hampshire intersections downtown.
A development group led by Lawrence businessmen Doug Compton and Mike Treanor have proposed a multistory hotel/retail building at the southeast corner, and a multistory apartment/office building on the northeast corner. The hotel/retail building has won necessary land use approvals at City Hall, while plans for the proposed apartment building are still going through the city’s review process.
The incentives, which involve capturing new tax revenue generated by the developments, would be used to help pay for private, underground parking garages for both buildings, in addition to other infrastructure improvements. As proposed, the hotel/retail building also would be placed in a taxing district that would charge a special 1 percent sales tax that would be used to pay for infrastructure costs.
City commissioners will have the final say on whether the incentives package is approved.