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 $35,000,000 in connection with the Raintree Village Phase I - Senior Residential Project; and authorizing certain documents and actions in connection therewith.
(First read by Council on February 7, 2023. Passed by unanimous vote.)
Body
Issue/Request:
This is a the ordinance to approve the bond documents for the Chapter 100 Plan for the Scenic Development Senior Care Project in the Raintree Village area and authorizing the issuance by the City of its taxable industrial development revenue bonds in the aggregate principal amount of not to exceed $35,000,000 of the maximum $48,350,000 which is authorized by the Plan to finance costs of the project to be constructed by the company CCRC of Lee’s Summit, LLC (“Developer”), which is an affiliate of Scenic Development. The Bonds will be issued pursuant to the provisions of Sections 100.010 to 100.200 of the Revised Statutes of Missouri, as amended, and Article VI, Section 27(b) of the Missouri Constitution, as amended (collectively, the “Act”).
Key Issues:
Developer is requesting that the City approve incentives through a Chapter 100 Plan to provide sales tax exemption on construction materials and a fixed schedule of payments in lieu of taxes (PILOTs) for 10 years for the residential project.
Motion:
I move for adoption of An Ordinance Authorizing the City of Lee’s Summit, Missouri to Issue Taxable Industrial Development Revenue Bonds in a Principal Amount Not to Exceed $35,000,000 in Connection With the Raintree Village Phase I - Senior Residential Project; and Authorizing Certain Documents and Actions in Connection Therewith.
Background:
At the July 12, 2022 Council meeting, the City Council heard a conceptual presentation about the incentive request presented by Developer for this project and a community improvement district for the commercial portions of ...
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