Title
An Ordinance approving a plan for an Industrial Development Project for Summit Square Residence II, LLC; authorizing the City of Lee’s Summit, Missouri to issue taxable Industrial Development Revenue Bonds in a principal amount not to exceed $48,460,000; and authorizing certain documents and actions in connection therewith.
(NOTE: First Reading by Council on August 9, 2018.)
Body
Issue/Request:
An ordinance approving a plan for an Industrial Development Project for Summit Square Residence II, LLC; authorizing the City of Lee’s Summit, Missouri to issue taxable Industrial Development Revenue Bonds in a principal amount not to exceed $48,460,000; and authorizing certain documents and actions in connection therewith.
Key Issues:
NorthPoint Development is seeking approval of this "Chapter 100" incentive to develop the Summit Square II multi-family project located adjacent to the Summit Square I project and Summit Orchards proposed mixed use development. The proposed project includes the development of 326 multi-family market-rate apartments. The proposed incentive is similar to the previous four Chapter 100 project considered and approved by the City.
The ordinance would approve the following:
* Plan for an Industrial Development Project
* Authorizes the City to issue Industrial Development Revenue Bonds for the project in an amount not to exceed $48,460,000
* Authorizes the execution of a Trust Indenture, Bond Purchase Agreement, Lease Agreement and Performance Agreement between the City and the Company
Proposed City Council Motion:
I move for a adoption of an ordinance approving a plan for an Industrial Development Project for Summit Square Residence II, LLC; authorizing the City of Lee’s Summit, Missouri to issue taxable Industrial Development Revenue Bonds in a principal amount not to exceed $48,460,000; and authorizing certain documents and actions in connection therewith, I move for second reading.
Background:
On June 28, 2018 a conceptual...
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