With construction underway, Polsinelli Shughart PC Attorney Chase Simmons says he is proud to be lead counsel for a new development project in western Wyandotte County that will create jobs, and develop a soccer complex and regional office for Cerner Corporation. The development, generally considered the largest economic development project in the history of the State of Kansas, will include 600,000 square feet of office space, an 18,000-seat professional soccer stadium where Major League Soccer’s Kansas City Wizards will play its 2012 season, and a national caliber youth athletics complex.
“With a lot of real estate projects stalled or even in distress, this is a much needed boost for the State of Kansas, Wyandotte County and really the entire metropolitan area,”said Simmons who practices in real estate development for Polsinelli Shughart.
Simmons says everyone involved in real estate or economic development knows that the clogged credit markets have basically brought progress to a standstill. Even with these challenges, Simmons structured a plan to combine surplus STAR bond revenue from the Village West Star Bonds with an employment incentive called IMPACT to help fund the proposed development project.
“When we conceived of the project, we thought bringing those two tools together combined with the operating history of Village West would be very attractive to the credit markets. We were also certain that once the State and local governments cut through the complexities and saw the unprecedented impact this could have on the region, we would have their support,” said Simmons.
It turns out that thought was correct. The State of Kansas and the Unified Government of Wyandotte County/Kansas City, Kansas approved the project in a series of authorizations and approvals over the fall and winter, bonds were sold early this month and the project is under construction. The public financing package includes $147,000,000 in STAR bonds and over $80,000,000 in Kansas IMPACT and related employment incentives.
Simmons, a shareholder with Polsinelli Shughart, concentrates on large-scale redevelopment projects that require public financing. No stranger to public projects, Simmons frequently appears on behalf of his clients before municipal boards and councils in nearly every jurisdiction in the area. In addition to real estate zoning and his real estate practice, he is knowledgeable in tax increment financing, Corp of Engineers’ environmental approvals and New Market Tax Credits.
The Polsinelli Shughart real estate attorneys were also involved in the development of the Kansas International Speedway, and Nebraska Furniture Mart in Wyandotte County, and the Sprint Campus and Overland Park Convention Center in Johnson County.
“Through our involvement with the Kansas International Speedway, the new Hollywood Casino and numerous retail developments, Western Wyandotte County has been very fertile ground for the Real Estate Development group,” said John Petersen, chair of real estate development at Polsinelli Shughart. “But Chase's success in closing the Wizard's Soccer/Cerner deal confirms Polsinelli Shughart is the ‘go to’ firm in this burgeoning area.”
Simmons is available to talk to reporters about:
· The use of Star Bonds
· Tax increment financing
· Large-scale redevelopment projects that require public financing
For more information contact Heather McMichael, Public Relations Manager, 816-395-0618, hmcmichael@polsinelli.com
About Polsinelli Shughart PC
With more than 470 attorneys, Polsinelli Shughart PC (www.polsinelli.com) is a national law firm that is a recognized leader in the areas of business litigation, financial services, real estate, business law, construction, life sciences, health care, and labor and employment. Serving corporate, institutional and individual clients regionally, nationally and worldwide, Polsinelli Shughart is known for successfully applying forward-thinking strategies for both straightforward and complex legal matters. The firm has 13 offices located in Phoenix, Arizona; Denver, Colorado; Wilmington, Delaware; Chicago and Edwardsville, Illinois; Overland Park and Topeka, Kansas; Kansas City, St. Louis, Springfield and St. Joseph, Missouri; New York City; and Washington, D.C.