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In May, Greater Kansas City LISC purchased $1.42 million in General Obligation Bonds issued by the Unified Government of Wyandotte County and Kansas City to provide funds to construct a new grocery store in downtown Kansas City, Kansas. The purchase of obligation bonds was the first of its kind for LISC nationally and a unique structure to continue our partnership with the Unified Government and Kansas City, Kansas.
These funds will assist in the construction of a 14,000 square foot grocery store in downtown Kansas City, Kansas. The grocery store will be owned by the Unified Government and operated by The Merc Co+op out of Lawrence, Kansas. It will be full-service, with fresh produce, a meat counter, prepared food, a café, and other grocery staples. Total development costs are estimated to reach $7.2 million.
By leveraging LISC's access to Healthy Food Financing Initiative funding, we provided low-cost capital to develop a new grocery store in a food desert in downtown Kansas City, Kansas. The Unified Government used the proceeds of the bond sale to invest in a New Market Tax Credit structure to complete the financing of the project. Construction is set to begin later this year.