Title
Land Clearance for Redevelopment Authority (LCRA) Application - Cowork - Lee's Summit, LCRA Urban Renewal Redevelopment Project, 210 SW Market Street; SF003, LLC Applicant (LCRA Application #2017-001)
Body
Issue/Request:
Land Clearance for Redevelopment Authority (LCRA) Application - Cowork - Lee's Summit, LCRA Urban Renewal Redevelopment Project, 210 SW Market Street; SF003, LLC Applicant (LCRA Application #2017-001)
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 requesting the abatement of real property taxes 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 including accessory uses such as a conference space, deli/cafe, coffee shop, fitness center and other similar accessory 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% real property tax abatement for 10 years on the incremental increase in value of the 210 SW Market Street project, as well as a 50% reduction in the establishment of the base property tax liability with regard to the 210 SW Market Street parcel. No abatement request is being sought for the 211 SW Jefferson Street parcel.
Assuming a $1 million investment in real property, the LCRA evaluated the project through the LCRA incentive evaluation model (spreadsheet) a...
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