Title
Presentation and Consideration of Land Clearance for Redevelopment (LCRA) Application - Kevin Higdon Construction, LCRA Project, 1450 SE Broadway Drive; Kevin Higdon applicant (LCRA Application 2018-001).
Body
Issue/Request:
Presentation and Consideration of Land Clearance for Redevelopment (LCRA) Application - Kevin Higdon Construction, LCRA Project, 1450 SE Broadway Drive; Kevin Higdon applicant (LCRA Application 2018-001).
Key Issues:
Mr. Kevin Higdon with Kevin Higdon Construction is pursuing the construction of a new 7,800 sq. ft. office warehouse on property located at 1450 SE Broadway Drive in the Newberry Landings planned industrial area. Mr. Higdon is requesting the abatement of real property taxes afforded through the Land Clearance for Redevelopment Authority (LCRA) Act. Kevin Higdon Construction intends to occupy the building and currently operates from a location within unincorporated Jackson County. .
Mr. Higdon requested 100% property tax abatement on the incremental increase in value of the project over a 10 year period which is the maximum allowable abatement through LCRA.
Ms. Donna Gordon, Chairperson of the LCRA will be presenting the LCRA recommendation to the City Council for this proposal. Provided below is the rationale and summary of the LCRA recommendation to the Mayor and City Council:
* Assuming a $607,500 investment in the construction of the building and improvements to the property, the LCRA evaluated the project through the LCRA incentive model (spreadsheet) and developed a recommendation for 100% abatement on the incremental increase in value of the property for a 5 year period. The LCRA recommendation is estimated to result in an annual property tax abatement of $9,874.00, therefore over the 5 year period of recommended abatement, approximately $49,370 in real property taxes would be abated.
* The proposed project anticipates bringing at minimum 5 new jobs to Lee’s Summit with 4 of those jobs at or above t...
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