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 2, 2025.)
Body
Issue/Request:
To authorize the City of Lee’s Summit, Missouri to issue Taxable Industrial Development Revenue Bonds for the Douglas Station Apartments Project, in the amount of and not to exceed $26,105,00.00.
Key Issues:
Approval of the issuance of Bonds for the purpose of the development of the Douglas Station Apartments Projects, pursuant to the Ordinance No. 10047.
Background:
The City previously approved a plan for an Industrial Development Project for the Douglas Station Apartments Project (“Plan”). The Plan proposed 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 batten facades, high-end interior finishes, with approximately 36 garage spaces, 15 electric vehicle charging stations, a swimming pool, integrated clubhouse, fitness center, leasing office, and lounge area (the “Project”), to be situated on approximately 6.4 acres situated to the south of the intersection of NW Sloan and NE Sycamore Street in Lee’s Summit, Missouri.
Pursuant to Ordinance No. 10047 passed on December 17, 2024, the City authorized the acquisition of the Project, once completed, using proceeds of industrial development revenue bonds to be issued under the Act after completion of the Project, which was anticipated to occur in 2028
Changes to Section 107.170 of the Revised Statutes of Missouri, as amended, that became effective on August 28, 2025, eliminated the need for the City to require a payment bond in connection with the Project, which removes an expense that would have otherwise been paid by the developer of the ...
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