Title
Conceptual Economic Development Incentive Request Presentation - CityScape Residential - Redevelopment of 114 SE Douglas Street (Summit Church)
Body
Issue/Request:
Conceptual Economic Development Incentive Request Presentation - CityScape Residential - Redevelopment of 114 SE Douglas Street (Summit Church)
Key Issues:
Cityscape Residential will be presenting a conceptual economic development incentive request regarding a proposed redevelopment of the downtown Summit Church (Lee's Summit United Methodist Church) property located at 114 SE Douglas Street. The proposed redevelopment entails the removal of the existing buildings on the site and constructing approximately 275 market-rate luxury multi-family dwelling units with amenities and structured parking. The proposed redevelopment project is envisioned to be a 4 story multi-family development with elevators served by structured parking situated within the development (commonly referred to as a "wrap") where the structured parking will be designed such that entry into each floor level may be accommodated from the parking structure. The proposed parking structure is envisioned to serve only the proposed multi-family project and not serve as general public parking.
The proposed redevelopment is estimated to be a $48M redevelopment project and the developer is seeking public incentives to assist with the cost to design and construct the estimated $8M structured parking aspect of the redevelopment project. The developer is seeking public incentives through Tax Increment Financing (TIF) whereby the real property tax increment created by the redevelopment may be captured and redirected to assist with funding the structured parking component or other approved reimbursable costs associated with the redevelopment project.
As the property is currently tax exempt under the Church's ownership, the base assessed value by which the property tax increment will be measured will not be established at zero. Sho...
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