Title
Conceptual Economic Development Incentive Presentation - Chapter 100 for Summit Square II Multi-Family Development; NorthPoint Development, applicant.
Body
Issue/Request:
Conceptual Economic Development Incentive Presentation - Chapter 100 for Summit Square II Multi-Family Development; NorthPoint Development, applicant.
Key Issues:
In accordance with the City's adopted Economic Development Incentive Policy, NorthPoint Development will present a conceptual incentive request for a proposed 326 unit multi-family residential project located on the east side of Ward Rd. between Donovan and Tudor Roads (adjacent to the Summit Square apartments). The proposed development is situated within the development area known as "Summit Orchards".
NorthPoint Development is requesting the City of Lee's Summit enter into an Industrial Development Project very similar to the agreements structured for Residences at New Longview and Summit Square Apartments, both of which NorthPoint developed. The proposed Chapter 100 incentive would entail the City issuing industrial revenue bonds to finance the project, authorize a sales tax exemption on construction materials purchased for the project and establish a 10-year fixed Payment in Lieu of Taxes (PILOTS).
The proposed luxury multi-family project investment is estimated at $46,000,000 and would be developed over 13.4 acres and entail 5 structures with a clubhouse and amenities incorporated into one of the structures.
Proposed City Council Motion:
The applicant and staff are seeking Mayor and Council feedback/direction on the proposed incentive request prior to committing additional resources necessary to formally prepare and present the incentive request to the Mayor and Council for consideration. If the Mayor and City Council are in favor of formally pursuing the incentive request the following motion may be proposed:
* I move to direct the applicant and staff to prepare a Chapter 100 incentive request for the Summit Sq...
Click here for full text