Title
AN ORDINANCE APPROVING A LAND CLEARANCE FOR REDEVELOPMENT AUTHORITY REDEVELOPMENT PROJECT, COLEMAN EQUIPMENT, PURSUANT TO THE PROVISIONS OF THE LAND CLEARANCE FOR REDEVELOPMENT AUTHORITY LAW, SECTIONS 99.300 TO 99.660 RSMo.
(NOTE: First Reading - July 13, 2017.)
Body
Issue/Request:
AN ORDINANCE APPROVING A LAND CLEARANCE FOR REDEVELOPMENT AUTHORITY REDEVELOPMENT PROJECT, COLEMAN EQUIPMENT, PURSUANT TO THE PROVISIONS OF THE LAND CLEARANCE FOR REDEVELOPMENT AUTHORITY LAW, SECTIONS 99.300 TO 99.660 RSMo.
Key Issues:
Coleman Equipment is pursuing a redevelopment project which entails 3 parcels addressed as 4101 NE Lakewood Way, inclusive of of parcels 43-540-01-21-01-1-00-000, 43-54-01-21-01-3-00-000 and 43-54-01-22-02-0-00-000 as referenced in the attached site map. Coleman Equipment is requesting a 100% abatement on the incremental increase in value of the property for a 5 year period. The estimated annual property tax abatement is $106,397.00 per year and over the 5 year period is estimated to be approximately $531,985.00.
Proposed City Council Motion:
I move for adoption of AN ORDINANCE APPROVING A LAND CLEARANCE FOR REDEVELOPMENT AUTHORITY REDEVELOPMENT PROJECT, COLEMAN EQUIPMENT, PURSUANT TO THE PROVISIONS OF THE LAND CLEARANCE FOR REDEVELOPMENT AUTHORITY LAW, SECTIONS 99.300 TO 99.660 RSMo.
Background:
Coleman Equipment proposes to redevelop 12.8 acres of property currently owned Planned Mixed-Use (PMIX) with 6.71 acres of the site proposed for the Coleman Equipment development. The remaining acreage is proposed to be developed at a future date for other potential uses. Coleman Equipment proposes to construct a 14,000 sf facility (6,690 sf dealership & 5,500 sf service & repair area). The proposed development includes an outdoor equipment display area. The proposed project investment includes $1,937,550 in building improvements and $1,386,369 in site & utility improvements.
The requested abatement (100% for 5 years) is within the City's Econ...
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