Title
A Resolution of the Land Clearance for Redevelopment Authority of Lee's Summit, Missouri, recommending that the City Council approve the 1601 SE Hamblen Road, LLC, LCRA Redevelopment Plan and take other actions to implement the Plan.
Body
Issue/Request:
This is a resolution that would recommend approval of the incentive request pursuant to the City's Economic Development Incentive Policy for the request by the parent company T&W Steel Co., Inc. (“T&W Steel”) which operates the facility at 1612 SW Jefferson Street, and which has formed the special purpose entity named 1601 SE Hamblen Road, LLC (the “Developer” or the “Company”), for proposed facility relocation and expansion on approximately 28.5 acres of property in Lee’s Summit for a 53,600 square foot industrial facility at 1601 SE Hamblen Road. The incentive request includes two components as discussed below.
Key Issues:
A resolution recommending approval of incentives through the Land Clearance for Redevelopment Authority Act (LCRA Act) set forth at Section 99.300, et seq. of the Revised Statutes of Missouri, to induce retention and expansion for the Company in a new location. The Company indicates it would sell the current facility at 1612 SW Jefferson Street.
Background:
The proposed LCRA Redevelopment Plan provides for the design, development, and construction of one (1) approximately 53,600 square feet industrial building, along with all associated onsite and offsite sitework and infrastructure, including, without limitation, utilities, stormwater management, street/drive and parking improvements, and landscaping, all of which will be located at 1601 SE Hamblen Rd in Lee’s Summit, Missouri.
Developer is requesting the use of incentive in the form of:
(1) Sales and use tax exemption on construction materials for facility expansion (not including sales and use tax on machinery and equipment); and
(2) Real property tax abatement in the amount of 75% for 10 years using a fixed PILOTs schedule...
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