The City of Overland Park, a fast growing suburb of Kansas City, has recently become the second largest city in Kansas. It is the home of over 100 corporate headquarters, including Sprint’s 4.1 million square foot corporate campus.
The City sought to promote further economic development through the development of a hotel and convention center complex designed to serve the regional corporate community and state association market. C.H. Johnson Consulting performed a feasibility study and recommended facility developments that would provide the City with meeting and convention capabilities appropriate for the Overland Park market.
C.H. Johnson Consulting conducted a room tax study for the City to determine the amounts of revenue available for the financing of the convention center. The City acquired a 29-acre site and initiated the design of the Convention Center.
C.H. Johnson Consulting then assisted with the issuance of an RFP for a hotel developer which resulted in the selection of Sheraton as the hotel operator and a decision to finance the hotel using tax-exempt municipal bonds. This non-recourse debt is payable from revenues of the hotel. C.H. Johnson Consulting helped the City develop the financing plan and negotiate a set of agreements among the City, the developer (Garfield Corporation), a design-builder (Turner Construction), and the Sheraton Corporation for the development and operation of the hotel. The Overland Park Development Corporation successfully sold the bonds for the project.
Construction on both the Convention Center and Hotel is complete and both facilities are open for business.