Title
An Ordinance approving a Chapter 100 Plan for the Montage Project; authorizing the City of Lee’s Summit, Missouri to issue two series of taxable industrial development revenue bonds in an aggregate principal amount not to exceed $63,400,000 for such project; and authorizing certain documents and actions in connection therewith.
(Note: First read by Council on January 21, 2025. Passed by unanimous vote.)
Body
Issue/Request:
This is an ordinance following the public hearing for the approval of a Chapter 100 Plan for the Montage Project and authorizing the issuance by the City of its taxable industrial development revenue bonds in the aggregate principal amount of not to exceed $63,400,000 to finance costs of the project to be constructed by TriStar Properties (the “Developer”), as the Developer of the Project. 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 and use tax exemption on construction materials and a fixed schedule of payments in lieu of taxes (PILOTs) for 10 years for the residential portion of the project.
Background:
At the May 14, 2024 Council meetings, the City Council heard a conceptual presentation about the incentive request presented by Developer for the entire Lee’s Summit Crossing Project. A majority of the City Council expressed an interest in considering the incentive request presented by the developer team. The City Council did not vote or render any type of final or binding decision as part of the conceptual presentation.
On May 14, 2024, the City Council held a third conceptual presentation and then opened a public hearing on the prior version of the Chapter 100 Plan that is now before the City Council, which was being advanced by Tri...
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