Title
Presentation: Update on Economic Development Incentive Request for Lee’s Summit Crossing; 635 Holdings, LLC, and TriStar Properties, applicants.
Body
Note: This summary uses party names that may have been changed, or may be changed, as the incentive requests advance through the statutory processes. Also, new entities may be formed by Developer. Developer will provide an update in their presentation on the parties associated with this project.
Issue/Request:
This is an update of developer’s request pursuant to the City's Economic Development Incentive Policy for the request by 635 Holdings, LLC and TriStar Properties (collectively the “Developer”), for a proposed mixed use residential, commercial, sports facility and entertainment project to be constructed on the property that is south of the Shamrock Golf Course and other adjacent properties to the south of the golf course connecting to Highway 150, all on the east side of Highway 291. For the requested incentives, the Developer proposes to use:
(1) a tax increment financing plan;
(2) a transportation development district that imposes a 1% sales tax;
(3) a community improvement district that imposes a 1% sales tax; and
(4) a Chapter 100 Master Plan for -
(a) sales tax exemption on construction materials for certain commercial and certain multifamily residential components of the project
(b) a fixed schedule of payments in lieu of taxes (PILOTs) for certain multi-family components.
The project was previously proposed to include the City’s Fieldhouse and Fitness Center, which is no longer proposed to be part of the project.
Key Issues for incentive request at the conceptual stage, prior to action on the incentives:
Evaluation of a request for a public incentive package to provide reimbursement to Developer for certain qualified redevelopment costs and for tenant inducement costs.
Background:
Prior Shamrock Golf Course Redevelopment Conceptual Presentation
635 Holdings, LLC, as the proposed de...
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