senior housing development – 101.5 K-Rock Manhattan's Real Rock https://1015krock.com The Flint Hills Real Rock Fri, 28 Feb 2025 17:56:30 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://i0.wp.com/1015krock.com/wp-content/uploads/2022/01/krock-fb-logo.jpg?fit=32%2C32&ssl=1 senior housing development – 101.5 K-Rock Manhattan's Real Rock https://1015krock.com 32 32 43031150 Meadowlark asks city for $52 million in IRBs for expansion https://1015krock.com/meadowlark-asks-city-for-52-million-in-irbs-for-expansion/ Fri, 28 Feb 2025 17:56:30 +0000 https://1350kman.com/?p=433563

Manhattan city commissioners on Tuesday will consider a request to issue $52 million in industrial revenue bonds to Meadowlark Hills to build 43 new independent living units, an underground parking deck and a fitness and classroom space.

Industrial revenue bonds are a tax-exempt financing mechanism local government entities issue with no fiscal impact to themselves because companies repay them. The bonds allow companies to benefit from property tax exemptions and sales tax breaks while funding a project.

City officials in meeting documents say they don’t expect issuance of the bonds until late summer. They also say Meadowlark officials will return to the city commission later to request a sales tax exemption for the project.

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]]> 226951 City approves bonds for $32M senior living community https://1015krock.com/city-approves-bonds-for-32m-senior-living-community/ Wed, 19 Feb 2025 19:55:58 +0000 https://1350kman.com/?p=433230

By Megan Moser

The Manhattan City Commission on Tuesday approved issuing industrial revenue bonds to help finance a $32 million senior living community with an assisted living facility and independent-living cottages.

The developer, Cedarhurst of Manhattan Real Estate, is proposing a two-phase project with a 90-unit, 75,000-square-foot assisted living and memory care community in the first phase, and 22 independent living cottages in the second.

Cedarhurst, which would also be the name of the community, is asking the city government for sales tax exemption on construction materials through industrial revenue bonds. They said the site requires some improvements, including water main extension and sanitary main extension, developer Nick Dwyer said.

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