Title
AN ORDINANCE APPROVING A PLAN FOR AN INDUSTRIAL DEVELOPMENT PROJECT FOR SUMMIT SQUARE RESIDENCE, LLC, A DELAWARE LIMITED LIABILITY COMPANY, CONSISTING OF THE CONSTRUCTION AND IMPROVEMENT OF A COMMERCIAL FACILITY FOR THE COMPANY; AUTHORIZING THE CITY OF LEE’S SUMMIT, MISSOURI TO ISSUE ITS TAXABLE INDUSTRIAL DEVELOPMENT REVENUE BONDS (SUMMIT SQUARE APARTMENTS PROJECT), SERIES 2016, IN A PRINCIPAL AMOUNT NOT TO EXCEED $36,000,000 TO FINANCE THE COSTS OF SUCH PROJECT; AUTHORIZING AND APPROVING CERTAIN DOCUMENTS; AND AUTHORIZING CERTAIN OTHER ACTIONS IN CONNECTION WITH THE ISSUANCE OF THE BONDS.
Body
Issue/Request:
AN ORDINANCE APPROVING A PLAN FOR AN INDUSTRIAL DEVELOPMENT PROJECT FOR SUMMIT SQUARE RESIDENCE, LLC, A DELAWARE LIMITED LIABILITY COMPANY, CONSISTING OF THE CONSTRUCTION AND IMPROVEMENT OF A COMMERCIAL FACILITY FOR THE COMPANY; AUTHORIZING THE CITY OF LEE’S SUMMIT, MISSOURI TO ISSUE ITS TAXABLE INDUSTRIAL DEVELOPMENT REVENUE BONDS (SUMMIT SQUARE APARTMENTS PROJECT), SERIES 2016, IN A PRINCIPAL AMOUNT NOT TO EXCEED $36,000,000 TO FINANCE THE COSTS OF SUCH PROJECT; AUTHORIZING AND APPROVING CERTAIN DOCUMENTS; AND AUTHORIZING CERTAIN OTHER ACTIONS IN CONNECTION WITH THE ISSUANCE OF THE BONDS.
Key Issues:
Northpoint Development is seeking approval of this "Chapter 100" incentive to develop the Summit Square Apartments located within the Summit Orchard development area. The proposed project includes the development of approximately 310 multi-family market rate apartments. The proposed incentive is almost identical to the incentive approved for the Residences at New Longview project, and the size and scope of the development project is very similar.
This ordinance approves the following:
- Plan for an Industrial Development Project
- Authorizes the City to issue industrial development revenue bonds for the project in an amount not to exceed $36,000,000
- Authorizes the execution of a Trust Indenture, Bond Purchase Agreement, Lease Agreement, and P...
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