Title
Presentation: Conceptual Economic Development Incentive Request for Lee’s Summit Crossing; 635 Holdings, LLC, and TriStar Properties, applicants.
Body
Issue/Request:
This is the third conceptual presentation 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 currently occupied by 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 is also proposed to include the following public facilities to be owned and operated by the Lee’s Summit Parks and Recreation Department:
(1) Fieldhouse
(2) Fitness Center integrated into the Fieldhouse
(3) outdoor turf field connected with the Field House operations.
Key Issues:
(1) Evaluation of a request for a public incentive package to provide reimbursement to Developer for certain qualified redevelopment costs and for tenant inducement costs
(2) Incorporation of the Fieldhouse and related Parks components into the project and the proposed funding contribution from the Parks Department.
Background:
Prior Shamrock Golf Course Redevelopment Conceptual Presentation
635 Holdings, LLC, as the proposed developer of the new project except for ths TriStar component, has negotiated an ...
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