Title
Public Hearing: Chapter 100 Plan for the Montage Project; TriStar Properties, applicant.
Body
Issue/Request:
This is a public hearing for the approval of a Chapter 100 Plan for the Montage Project and authorizing the issuance by the City of its taxable industrial development revenue bonds in the aggregate principal amount of not to exceed $63,400,000 to finance costs of the project to be constructed by TriStar Properties (the “Developer”), as the Developer of the Project. The Bonds will be issued pursuant to the provisions of Sections 100.010 to 100.200 of the Revised Statutes of Missouri, as amended, and Article VI, Section 27(b) of the Missouri Constitution, as amended (collectively, the “Act”).
Key Issues:
Developer is requesting that the City approve incentives through a Chapter 100 Plan to provide sales and use tax exemption on construction materials and a fixed schedule of payments in lieu of taxes (PILOTs) for 10 years for the residential portion of the project.
Background:
At the May 14, 2024 Council meetings, the City Council heard a conceptual presentation about the incentive request presented by Developer for the entire Lee’s Summit Crossing Project. A majority of the City Council expressed an interest in considering the incentive request presented by the developer team. The City Council did not vote or render any type of final or binding decision as part of the conceptual presentation.
The Project to be financed by the Bonds consists of a townhome and villa community of approximately 226 units to be located on approximately 54.39 acres of land situated to the northeast of the intersection of highways 291 and 150 in the City (the “Project Site,” as shown in the map below). The Project is anticipated to be completed in two phases. Phase 1 is anticipated to consist of 68 townhomes and 84 courtyard villas constructed with brick and stone facades, architectural shingles and vinyl siding. Amenities will include a clubhouse with a fitness cen...
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