Title
An Ordinance authorizing the City of Lee’s Summit, Missouri to issue Taxable Industrial Development Revenue Bonds in a principal amount not to exceed $26,105,000 in connection with the Douglas Station Apartments Project; and authorizing certain documents and actions in connection therewith.
(Note: First read by Council on December 10, 2024.)
Body
Issue/Request:
This is the ordinance to approve the implementation documents for the Chapter 100 Plan for the Douglas Station Apartments Project and authorizing the issuance by the City of its taxable industrial development revenue bonds in the aggregate principal amount of not to exceed $26,105,000 to finance costs of the residential project to be constructed by the company Douglas Station Partners, LLC (“Developer”). 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:
Approval of the implementation documents for the Chapter 100 Plan.
Background:
At the October 18, 2022 Council meeting, the City Council heard a conceptual presentation about the incentive request presented by Developer. A majority of the City Council expressed an interest in considering the incentive request through the formal Chapter 100 process. The City Council did not vote or render any type of final or binding decision as part of the conceptual presentation.
On December 13, 2022, the City Council held the public hearing to consider the Chapter 100 Plan. On September 26, 2023, the City Council approved Ordinance No. 9761 which approved the Plan for a Chapter 100 Project for the Douglas Station Apartments Project.
The Project to be financed by the Bonds consists of the construction of a multifamily apartment complex of approximately 150 one and two bedroom units consisting of five three-story buildings with masonry, lap siding, and board and batt...
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