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 $47,700,000 in connection with the Greens at Woods Chapel Apartments Phase 1 Project and authorizing certain documents and actions in connection therewith.
(Note: First read by Council on December 2, 2025.)
Body
Issue/Request:
To authorize the City of Lee’s Summit, Missouri to issue Taxable Industrial Development Revenue Bonds for the Greens at Woods Chapel Apartments Phase 1 Project, in the amount of and not to exceed $47,700,000.00.
Key Issues:
Approval of the issuance of Bonds for the purpose of the development of the Greens at Woods Chapel Apartments Phase 1 Project.
Background:
At the June 20, 2023, Council meeting, the City Council heard a conceptual presentation about the incentive request presented by Developer. A majority of the City Council expressed an interest in considering the incentive request through the formal Chapter 100 process. The City Council did not vote or render any type of final or binding decision as part of the conceptual presentation.
The City then approved the Plan for an Industrial Development Project for the Greens at Woods Chapel Apartments Project (the “Plan”), pursuant to Ordinance No. 9760.
The first phase consists of the construction of a multifamily apartment complex of approximately 276 one- and two-bedroom units consisting of approximately ten 3-story apartment buildings with masonry, lap siding, and board and batten facades, high-end interior finishes, with approximately 54 garage spaces, approximately 27 electric vehicle charging stations, a swimming pool, clubhouse, fitness center, leasing office, and lounge area (the “Project”), to be situated on approximately 11 acres situated to the east of NE Akin Boulevard near the intersections of that road with NE Custer Drive and NE Meadowview Drive in Lee’s Summit, Missouri.
The overall project to be financed by the ...
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