Title
Public Hearing for a Plan for an Industrial Development Project for Summit Residence II, LLC for the Summit Square II multi-family development project.
Body
Issue/Request:
Public Hearing for a Plan for an Industrial Development Project for Summit Residence II, LLC for the Summit Square II multi-family development project.
Key Issues:
This is a Plan for an Industrial Development Project under Sections 100.010 to 100.200 of the Revised Statutes of Missouri. This agenda item concerns the public hearing for the consideration and approval of the Plan, which is attached together with the associated cost-benefit analysis. The Lease Agreement, Bonds and other documents related to this Project are included within the ordinance agenda item later in the August 9th meeting agenda. All affected taxing jurisdictions were provided with notice of this public hearing in accordance with state statute.
The proposed project submitted by Summit Residence II, LLC (Company) entails the construction of a 326 unit market-rate multi-family housing development consisting of approximately 5 buildings along with associated amenities including site work, infrastructure and parking. The project is estimated to cost approximately $48,460,000 and the Company proposes that the City purchase the Project through the issuance of taxable industrial development revenue bonds. This would provide real property tax exemption for 12 years for the Project. During this 12 year period, the Company would be required to submit Payments in Lieu of Taxes (PILOTS) in the amounts specified on page 3 of the Plan (attached to this packet).
The Plan also calls for the City to lease the Project to the Company pursuant to the terms of the proposed lease agreement which is included within the ordinance adopting the Plan. The ordinance is included later on the August 9th agenda. The lease payments collectively would equal the principal and interest on the revenue bonds. The lease would continue until ...
Click here for full text