Title
AN ORDINANCE APPROVING A LAND CLEARANCE FOR REDEVELOPMENT AUTHORITY REDEVELOPMENT PROJECT, MINSKY'S PIZZA, PURSUANT TO THE PROVISIONS OF THE LAND CLEARANCE FOR REDEVELOPMENT AUTHORITY LAW, SECTIONS 99.300 TO 99.660 RSMo.
Body
Issue/Request:
AN ORDINANCE APPROVING A LAND CLEARANCE FOR REDEVELOPMENT AUTHORITY REDEVELOPMENT PROJECT, MINSKY'S PIZZA, PURSUANT TO THE PROVISIONS OF THE LAND CLEARANCE FOR REDEVELOPMENT AUTHORITY LAW, SECTIONS 99.300 TO 99.660 RSMo.
Key Issues:
If approved the attached ordinance would authorize a Land Clearance for Redevelopment (LCRA) redevelopment project - real property tax abatement for a single parcel located at 1251 NE Rice Road. The property is located within the existing "US 50/M-291 Highway" Urban Renewal Area and would entail a complete interior remodel and refurbish of the existing 6,980 square foot building, making exterior updates and adding an outdoor dining area on the west/front of the building.
The applicant is seeking real property tax abatement on the incremental increase in value on the project which is afforded through LCRA Law. The LCRA is recommending approval of 100% abatement for a 5 year period which is estimated to result in a real property tax abatement of $57,283.00.
Proposed City Council Motion:
FIRST MOTION: I move for a second reading of AN ORDINANCE APPROVING A LAND CLEARANCE FOR REDEVELOPMENT AUTHORITY REDEVELOPMENT PROJECT, MINSKY'S PIZZA, PURSUANT TO THE PROVISIONS OF THE LAND CLEARANCE FOR REDEVELOPMENT AUTHORITY LAW, SECTIONS 99.300 TO 99.660 RSMo.
SECOND MOTION: I move for adoption of AN ORDINANCE APPROVING A LAND CLEARANCE FOR REDEVELOPMENT AUTHORITY REDEVELOPMENT PROJECT, MINSKY'S PIZZA, PURSUANT TO THE PROVISIONS OF THE LAND CLEARANCE FOR REDEVELOPMENT AUTHORITY LAW, SECTIONS 99.300 TO 99.660 RSMo.
Background:
- June 12, 2014 - The City Council adopted Ordinance No. 7472 creating the "50/M 291 Highway" Urban Renewal Area.
- May 2, 2016 - Minsky's Pizza submitted a LCRA Urban Rene...
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