Title
Public Hearing for a Plan for an Industrial Development Project for Summit Residence, LLC for the Summit Square Apartment Project
Body
Issue/Request:
Public Hearing for a Plan for an Industrial Development Project for Summit Residence, LLC for the Summit Square Apartment Project
Key Issues:
This is a Plan for an Industrial Development Project under Sections 100.010 to 100.200 of the Revised Statutes of Missouri. This agenda items concerns the public hearing for the consideration and approval of the Plan, which is attached together with the associated cost-benefit analysis. the lease agreement, bonds and other documents related to this Project are included in the ordinance agenda item later in the May 19th agenda. All affected taxing jurisdictions were provided with notice of this public hearing.
The proposed project submitted by Summit Residence, LLC (Company) entails a 310 unit market rate multi-family housing development with amenities and associated site work and infrastructure for the approximate 15 acre site.
The project is estimated to cost approximately $36,000,000 consisting of an investment in year 2016 in the amount of $10,000,000 and an investment in year 2017 of $26,000,000. The Company proposes that the City purchase the Project through the issuance of taxable industrial development revenue bonds. This would provide real property tax exemption for 11 years for the Project. During this 11 year period the Company would be required to submit payments in lieu of taxes in the amounts specified in Exhibit 4 of the Plan (attached).
The Plan also call for the City to lease the Project to the Company pursuant to the terms of the proposed lease agreement which is included with the ordinance approving the Plan. The ordinance is included later on the May 19th agenda. The lease payments collectively would equal the principal and interest on the revenue bonds. The lease would continue until the bonds are paid off, at which point the Company ...
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