Title
Public Hearing: Chapter 100 Plan for the Milhaus Apartments Project; Hwy 150 & Ward Road, LLC, applicant
Body
Issue/Request:
This is a public hearing for the approval of a Chapter 100 Plan for the Milhaus Apartments and authorizing the issuance by the City of its taxable industrial development revenue bonds in the aggregate principal amount of not to exceed $64,200,000 to finance costs of the project to be constructed by Hwy 150 & Ward Road, LLC (the “Developer”), a single-purpose entity controlled by Milhaus Development, as the Developer of the Project. The Bonds will be issued pursuant to the provisions of Sections 100.010 to 100.200 of the Revised Statutes of Missouri, as amended, and Article VI, Section 27(b) of the Missouri Constitution, as amended (collectively, the “Act”).
Key Issues:
Developer is requesting that the City approve incentives through a Chapter 100 Plan to provide sales and use tax exemption on construction materials and a fixed schedule of payments in lieu of taxes (PILOTs) for 10 years for the residential portion of the project.
Background:
The Arborwalk / Raintree area has been the subject of discussion and prior City Council actions. The key dates associated with the overall Raintree Village project, which is generally located north of Highway 150 and west of Ward Road, and the incentives that have been previously approved by the City Council for the project area, are as follows:
· July 12, 2022 - City Council heard a conceptual presentation from Christie Development for the Raintree Village project, including a community improvement district for the commercial portions of the project a Chapter 100 plan for the Scenic Development senior care facility. Incentives for apartments was not part of the presentation or request.
· July 19, 2022 - City Council approved Ordinance No. 9463 which approved the preliminary development plan for Scenic Development senior care facility as part of the Raintree Village project.
· December 13...
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