Title
Public Hearing - Plan for an Industrial Development Project for M150 Echelon Land Development LLC, for the Residences at Echelon Multi-family Project.
Body
Issue/Request:
Public Hearing - Plan for an Industrial Development Project for M150 Echelon Land Development LLC, for the Residences at Echelon Multi-family Project.
Key Issues:
This is the reconsideration of the previously proposed and presented Chapter 100 incentive considered by the City Council at the December 15, 2016 City Council meeting. The previously considered Plan included a fixed PILOT of $935.00 per door, whereas this Plan reflects a fixed PILOT of $1,051.00 as directed by the City Council during the December 15, 2016 meeting.
This is a Plan for an Industrial Development Project as required under Section 100.010 to 100.200 RsMO (Chapter 100). The public hearing is conducted to consider the approval of the plan which is attached along with the cost benefit analysis. If approved, the ordinance approving the Lease Agreement, Bond Purchase Agreement, Indenture, and Performance Agreement is provided later on the January 12, 2017 agenda. Notice of the public hearing was sent to all affected taxing jurisdictions regarding the plan.
The project consists of the design and construction of the Residences at Echelon, a 243 unit luxury apartment development with onsite amenities on approximately 12.6 acres at the northwest corner of 291 and 150 Highways. The Company will receive tax abatement under Chapter 100 on the real property included in the project, however the Company will make fixed Payments in Lieu of Taxes (PILOTS) in accordance with the following schedule:
2017-2018 $ 20, 421.00
2019-2021 $255,393.00
2022-2026 $261,778.00
2027-2028 $268,322.00
The PILOT schedule is reflective of a per door rate of $1,051 beginning in year 2019 as construction of the development will be occurring in 2017-2018 with completion scheduled for 2018. The per door rate of $1,051 was established per di...
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