Title
Presentation: Conceptual Economic Development Incentive Request for Project Kings
Body
Issue/Request:
This is a conceptual economic development incentive request pursuant to the City's Economic Development Incentive Policy. The request is being made by Graham Packaging ("the Company") to open new operations in approximately 215,000 square feet of existing industrial space.
Key Issues:
Evaluation of a request for incentives in the form of:
(1) Personal property tax abatement through Chapter 100 in the amount of 75% of the assessed value of new personal property only (as determined by the County) for five years
(2) Personal property tax abatement through Chapter 100 in the amount of 75% of the assessed value of relocated personal property only (as determined by the County) for five years, to be installed in two installments
Background:
The project is expected to be located within Building A of Lee's Summit Commerce Center. Lee's Summit Commerce Center is part of an existing Master Plan for Lee's Summit Logistics Park Project that was approved by the City Council on January 4, 2022. Chapter 100 Industrial Revenue Bonds were issued for Building A on April 11, 2022. The property is subject to a fixed PILOT payment for real property until 2042. The existing Chapter 100 and PILOT structure does not prohibit the use of additional Industrial Revenue Bonds for the personal property transactions.
Impact/Analysis:
The Company is anticipating the creation of 82 quality jobs with average wages exceeding the Jackson County Average Wage. The Company is estimating Total PILOT and Tax payments over the initial 10 year period to equal $1,958,641 (City portion of $346,869) and an estimated abatement value of $2,176,830 (City portion of $385,510).
Timeline:
Initial operations are expected to be operational by the end of Q4 2026.
All lines are expected to be operational by the end of Q3 2028.
Presenter
Kathy Mussio, Managing Partner, Atlas Insight LLC
J...
Click here for full text