Title
An Ordinance approving a Master Plan for Industrial Development Projects for the Streets of West Pryor Development. (NOTE: First Reading by Council on December 18, 2018)
Body
Issue/Request:
An Ordinance approving a Master Plan for Industrial Development Projects for the Streets of West Pryor Development.
Key Issues:
Streets of West Pryor, LLC (Developer) is requesting the Master Plan for Industrial Development Projects (also referred to as Chapter 100) be considered and approved simultaneously with the other proposed economic development incentives requested for the proposed Streets of West Pryor mixed-use development.
The Developer is proposing to develop approximately 73 acres along the west side of NW Pryor Road immediately south of Interstate I-470. The proposed development includes a mix of commercial uses, totaling 197,190 sq. ft. of retail, grocery store, sit-down restaurants, drive-thru restaurants, medical office, and hotel (105 rooms). Also proposed are two multi-family residential developments that include a 4-story, 165 unit age-restricted facility with associated amenities and a 4-story, 250 unit market rate apartment complex with retail/restaurant uses occupying a portion of the first floor. Also shown within the plan for conceptual purposes is a single-family, attached-villa style age restricted maintenance provided residential subdivision that is not considered part of the development plan approval at this time and will be pursued at a later time under a separate development application.
The requested Chapter 100 Plan as presented is anticipated to result in project cost savings (in the form of sales tax exemption on construction materials) of approximately $6M. The proposed Plan would exempt sales tax on all aspects of the proposed mixed-use development (commercial and residential) and proposed to establish a fixed PILOT structure for the two multi-family projects for a ten year period. The fixed PILOT structure incorporates a 12...
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