Title
Conceptual Economic Development Incentive Request - Streets of West Pryor mixed-use development, Drake Development & Haney Co., applicant. (West side of NW Pryor Road between I-470 and Chipman Road)
Body
Issue/Request:
Conceptual Economic Development Incentive Request - Streets of West Pryor mixed-use development, Drake Development & Haney Co., applicant. (West side of NW Pryor Road between I-470 and Chipman Road)
Key Issues:
Drake Development and Haney Co. will be presenting an economic development incentive request associated with the proposed "Streets of West Pryor" mixed-use development which encompasses approximately 68 +/- acres along the west side of NW Pryor Road between Lowenstein Drive and Interstate I-470. Drake Development and Haney Co. either own or have contracts in place for approximately 55 acres of a proposed 68 acre master development. The city of Lee's Summit owns approximately 13 acres within the 68 acre proposed development area and Drake Development and Haney Co. have expressed interest in acquiring the City owned parcels in order to bring forward a master development for the entire proposed mixed-use project. Although the acreage is in a prime location, various impediments to development exist such as electrical transmission power lines running across the property which will require relocation, topographic and soil/rock conditions, undermined area(s), lack of public sewer infrastructure, traffic related restrictions/limitations to mention a few.
There have been a number of various conceptual development plans prepared for this location which have not been approved or pursued and approximately 39 acres located along west Pryor Road is zoned Planned Mixed Use (PMIX) and the remainder of the acreage is currently zoned Single Family Residential (R-1).
The current estimated total project investment for the development is $150M and of that, through a combination of various incentive tools, the developer is seeking between $25M - $3...
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