Latest news with #JimKlausman
Yahoo
09-04-2025
- Business
- Yahoo
Tax incentives approved for Topeka real estate developer
TOPEKA (KSNT) – The City of Topeka approved a tax incentive plan that will spread out the cost of special assessment taxes in the Lauren's Bay neighborhood for Topeka Real Estate Developer Jim Klausman. On Tuesday, April 8 the Topeka City Council voted to establish a community improvement district (CID) for 16 properties in the Lauren's Bay neighborhood as well as three city-owned lots that have sat empty for years. Earlier this year, Klausman agreed to pay past-due special assessments on those properties in return for tax incentives from the city. 'Right now they're close to $300 a month [in special assessments], by spreading them out over 20 years its going to get them down to $185 per month for the ones owned by the developer because some of the special assessments or some of the assessments, the payment they're going to be making is going to be used to pay down principle on those future specials,' Assistant Topeka City Manager Braxton Copley said. Deadly crash in Brown Co. shuts down highway City Councilwoman Christina Valdivia-Alcalá asked Copley if this is the first time the city has ever used a CID for a housing development which Copley replied 'yes'. The motion passed 8-2, with Valdivia-Alcalá and Councilman David Banks in opposition. More than 15 years ago, the City of Topeka struck a deal with a now defunct developer to create a new housing development in the Auburn-Washburn school district near Southwest 47th Street and Southwest Wanamaker Road. Since then, 16 lots at Lauren's Bay Estates have sat empty while taxes and special assessments go unpaid. After months of negotiations, the developer agreed to pay the city $2.25 per square foot in past due specials for a total of $525,000. That figure exceeds the total specials debt of $423,000. The developer would also pay off back taxes on the properties. For more local news, click here. Keep up with the latest breaking news in northeast Kansas by downloading our mobile app and by signing up for our news email alerts. Sign up for our Storm Track Weather app by clicking here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
19-03-2025
- Business
- Yahoo
Topeka City Council takes first steps toward giving Jim Klausman tax incentives
The Topeka City Council approved the first steps toward giving Jim Klausman new tax incentives. During Tuesday's meeting, the council approved submitting findings related to the creation of a Reinvestment Housing Incentive District in Lauren's Bay to the Kansas secretary of commerce for review. Council members Christina Valdivia-Alcalá and David Banks voted no. Assistant city manager Braxton Copley said this is the first step toward getting the RHID tax incentive approved. In a city meeting Feb. 11, council members discussed whether they should allow 16 Lauren's Bay lots to be turned into an RHID. During the discussion, concerns were raised about opening themselves up to litigation by allowing developer Klausman tax incentives despite owing money to the city. Klausman owns 140 of the Lauren's Bay lots through various companies. However, he is seeking tax incentives for just 16 of the lots. Lauren's Bay is located near S.W. 47th Street and Wanamaker Road, and is a neighborhood in the Auburn-Washburn school district. In previous discussions, the city council has debated whether to give Klausman tax incentives or why they are negotiating paybacks with him in the first place. Earlier in the evening, the council approved the negotiations with Klausman on how he would repay the owed money on the 16 lots. Part of the agreement was giving Klausman tax incentives for those lots. The approved agreement between the Topeka administration and Klausman states Klausman will pay $2.25 a square foot for a total of $525,333, of which $102,000 would be applied to the current outstanding special assessments, according to city documents. These negotiations are for 16 of the lots and not for all his properties in Lauren's Bay. Various companies owned by Klausman have 124 additional lots in the Lauren's Bay neighborhood. For all 124 lots, Klausman owes $7,274,816 between general back taxes, penalties and uncollected special assessments, which were for the city installing functional infrastructure when the land was first developed. The future special assessments owed for all the lots total $3,617,629. As part of Klausman's negotiations, he is asking for additional tax incentives through a Community Improvement District. Copley said one of the first steps toward approving the additional tax incentives is having a public hearing. Those interested in weighing in on the CID can attend the hearing, which will take place during the April 8 city council meeting. This article originally appeared on Topeka Capital-Journal: Jim Klausman is step closer to getting tax incentives for Topeka site
Yahoo
19-02-2025
- Business
- Yahoo
Topeka, developer reach tentative deal on Lauren's Bay
TOPEKA (KSNT) – Topeka is closer to completing a deal with a local housing developer that would pay off years of back taxes while creating some much needed housing. More than 15 years ago, the City of Topeka struck a deal with a now defunct developer to create a new housing development in the Auburn-Washburn school district near Southwest 47th Street and Southwest Wanamaker Road. Since then, 16 lots at Lauren's Bay Estates have sat empty while taxes and special assessments go unpaid. At its meeting Tuesday, Feb. 18, Topeka's Public Infrastructure Committee tentatively signed off on a deal with current developer Jim Klausman that would get the project moving again. After months of negotiations, the developer has agreed to pay the city $2.25 per square foot in past due specials at a total of $525,000. That figure exceeds the total specials debt of $423,000. The developer would also pay off back taxes on the properties. In turn, the development would be named a Reinvestment Housing Incentive District (RHID). Future specials would be restructured under a Community Improvement District (CID). Spreading out the specials over a longer period of time would reduce monthly payments from around $300 down to $150. Organization looks to make Manhattan a 'premier sports destination' Topeka's Assistant City Manager Braxton Copley said that's comparable to other area housing developments. 'By use of the RHID, by use of the CID to spread out the special, that allows the developer to build houses out here and sell them in an area that, frankly, has been undevelopable due to the high specials primarily for the last 15-plus years,' District 7 Councilman Neil Dobler said. The Public Infrastructure Committee unanimously approved the proposal. The city is working to finish the development agreement in time for the full City Council to discuss at its March 11 meeting. A final City Council vote is scheduled for March 18, just days before the March 31 deadline. 'It's aggressive, but we are all working feverishly to accomplish that,' Copley said. Flu cases in Kansas, U.S. on the rise, worst season in 15 years If the city cannot reach an agreement with the developer by the end of March, the developer will donate the 16 parcels of land in question to the city's land bank. If the governing body approves the deal, it will then go to the Department of Commerce for state approval. 'This isn't ideal. This isn't the route that the development should have taken. The reason we're here is because of things that happened many, many years ago and had nothing to do with the city staff that's in place now, and really had nothing to do with the developer. It was a different developer at that time. So, this is absolutely the best that we're going to get out of this process,' Dobler said. For more local news, click here. Keep up with the latest breaking news in northeast Kansas by downloading our mobile app and by signing up for our news email alerts. Sign up for our Storm Track Weather app by clicking here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
