Title
Conceptual Economic Development Incentive Request: Chapter 100 incentives for the Daxon Farms Project, 1215 NE Bowlin Road; Sallee Development, Inc., applicant.
Body
Issue/Request:
This is a conceptual presentation pursuant to the City's Economic Development Incentive Policy to use Chapter 100 of the Missouri Revised Statutes to incentivize the development of a residential project consisting of approximately 306 build-to-rent townhomes on approximately 34 acres at a density of 9 units per acre located at 1215 NE Bowlin Road, which is east of I-470 and south of Bowlin Road, for (1) sales and use tax exemption on construction materials and (2) a fixed payments in lieu of taxes (PILOTs) structure that is intended to equal the actual real property taxes that would be generated without using Chapter 100, to provide certainty for financing the project.
Key Issues:
Evaluation of a request for sales tax exemption on construction materials and a fixed PILOTs schedule for 10 years for the proposed residential townhomes project.
Proposed City Council Motion:
No motion requested as this is only a conceptual presentation. The Developer is seeking the City Council's feedback pursuant to the City's Economic Development Incentive Policy.
Background:
Developer is requesting a Chapter 100 economic incentive in the form of (1) sales tax exemption on construction materials and (2) a fixed PILOTs schedule that is intended to equal the actual projected taxes for the first 10 years of the life of the project, using guidance from Jackson County as to property valuation for new residential projects.
The site of the proposed development currently consists of 34 acres of vacant property located south of Bowlin Road, north of existing residential development (Montecello subdivision), and east of commercial development located east of I-470. The property is currently owned by RL Sallee Real Estate Investments, LLC, and has a 2026 Jackson County market value of $2...
Click here for full text