Title
Public Hearing: East Village Tax Increment Financing Plan; East Village Investors, LLC, applicant
Body
Summary of Developer’s Incentive Requests:
East Village Investors, LLC (“Developer”) is requesting incentives to redevelop the proposed Redevelopment Area, which contains approximately 125 acres, which is generally located south of US Highway 50, east of Route 291, west of the Union Pacific Railroad right of way and north of SE 16th Street in Lee’s Summit, Missouri (the “Project”). Developer is requesting the following incentives for the Project:
1. Tax Increment Financing Plan - This incentive would collect 50% of the payments in lieu of taxes (PILOTs) and 50% of the economic activity taxes (EATs) to as allowed by the Real Property Tax Increment Financing Allocation Redevelopment Act as set forth in Chapter 99.800, RSMo et seq. (the “TIF Act”). 50% of the captured PILOTs would be distributed to the taxing districts as “surplus” from the Special Allocation Fund during the life of the TIF Plan.
2. LCRA Redevelopment Plan - The City approved the 291 South Regional LCRA Redevelopment Plan in November 2023 through the adoption of Ordinance No. 9783 to facilitate development and redevelopment of property along the 291 South corridor. The “Project 2 (East Village) LCRA Plan” as filed by Developer was heard by the LCRA Board of Commissioners on November 20, 2025. The Oldham Village LCRA Plan would provide for:
(a) sales tax exemption on construction materials for the Project, and
(b) 75% tax abatement for the apartments.
Key Issues for this Agenda Item:
This is a public hearing to consider the East Village TIF Plan.
Impact/Analysis:
The Cost Benefit Analysis in the packet, which legally supports the TIF Plan, provides a comprehensive review of the tax benefits to all taxing districts as a result of the TIF Plan. Baker Tilly has provided a “But For Determination Report” that was available for the TIF Commission meeting, which analyzed the requirement that the City Council make a factual finding that the TIF Redevelopment Area would not reasonably be anticipated to be developed without the adoption of tax increment financing.
The presentation slides and other supporting material in the meeting packets provide a detailed analysis of the TIF Plan and related incentives.
Timeline:
Start: 1st quarter 2026
Finish: This is a phased project. The schedule for the incentives and the overall project will be governed by the redevelopment agreement to be negotiated between Developer and the City, and other associated contracts.
Presenters
Matt Pennington, Oldham Investors, LLC, and other developer team members.
David Bushek, Chief Counsel of Economic Development & Planning.
Ryan Elam, Assistant City Manager