Title
Public Hearing - Redevelopment Plan for the Princeton Redevelopment Area pursuant to the Land Clearance for Redevelopment Authority Act.
Body
Issue/Request:
Public Hearing for the Redevelopment Plan for the Princeton Redevelopment Area
Key Issues:
This is a public hearing as required by Section 99.430.1(8), RSMo to consider the proposed Redevelopment Plan for the Princeton Redevelopment Area pursuant to the Land Clearance for Redevelopment Authority Act. The proposed Redevelopment Area contains approximately 37 acres at the southeast quadrant of Ranson Road and Highway 50. The Redevelopment Plan will allow the applicant to receive sales tax exemption on the purchase of construction materials for a senior care facility that is proposed on the eastern 12 acres of the Redevelopment Area. This is estimated to provide about $752,000 in savings on a $35.5 million project, which is a 2.1% incentive.
Proposed City Council Motion:
No motion required as part of the public hearing. The Council may approve the Redevelopment Plan by ordinance.
Background:
The property is currently owned by Metcalf Bank and has remained in an undeveloped state despite the City’s approval of the East US 50 Highway Corridor Tax Increment Financing Plan (the “TIF Plan”) pursuant to the Real Property Tax Increment Redevelopment Act (“TIF Act”) through the adoption of Ordinance No. 6551 on December 13, 2007. That ordinance included a finding that he property was blighted pursuant to the definition of “blighted area” in the TIF Act. The ability to activate the collection of TIF revenues pursuant to that TIF Plan has expired.
A 12-acre parcel is being purchased by Lee’s Summit Senior Community, LLC (the “Developer”), a single purpose entity managed by O’Reilly Development Company, LLC, based in Springfield, Missouri, on the south side of Highway 50 and west of Ranson Road. The City Council previously approved a preliminary development plan for this project through ...
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