Title
Conceptual Economic Incentive Request Presentation; Cowork - Lee's Summit, SF003, LLC, Applicant.
Body
Issue/Request:
Conceptual Economic Incentive Request Presentation; Cowork - Lee's Summit, SF003, LLC, Applicant
Key Issues:
Mr. Ben Rao with SF003, LLC is pursuing the purchase and redevelopment of the old downtown Post Office property located at 210 SW Market Street and 211 SW Jefferson Street and is pursuing the potential of real property tax abatement afforded through the Land Clearance for Redevelopment Authority (LCRA). SF003, LLC proposes to redevelop the existing 12,400 s.f. former post office building into a shared co-working facility with the potential inclusion of accessory uses such as a deli/cafe, coffee shop, fitness center and other similar uses. The proposed real property tax abatement on the incremental increase in value of the property is only being requested on the parcel addressed as 210 SW Market Street, and does not include the parcel addressed as 211 SW Jefferson Street. Both parcels - under the ownership of the United States Postal Service currently do not generate property taxes. The sale of the property to a private entity would place both parcels on the tax rolls, therefore property tax abatement could be afforded through the LCRA.
SF003, LLC is requesting 100% property tax abatement for 10 years on the incremental increase in value of the property as well as a 50% reduction in the establishment of the base property tax liability with regard to the 210 SW Market St. parcel. No abatement request is being sought for the 211 SW Jefferson Street parcel. See the Impact/Analysis section of the packet form for additional information as well as the attached spreadsheet titled "Cowork Lee's Summit - LCRA tax estimate."
Mr. Rao will be present to provide the conceptual presentation and answer any questions regarding the proposed project. The conceptual presentation is being provided in accordance with the adopted Economic Develo...
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