Title
Stag Field Conceptual Economic Development Incentive Request - Chapter 100 sales tax exemption on construction materials; Stag Commercial, applicant.
Body
Issue/Request:
This is a conceptual presentation pursuant to the City's Economic Development Incentive Policy for the request by Stag Commercial (“Developer”), as the developer of the Stag’s Field residential project proposed to be constructed at 1215 NW Bowlin Road, for sales tax exemption on construction materials pursuant to Chapter 100 of the revised statutes of Missouri to provide compensation for public improvement costs and development costs.
Key Issues:
Evaluation of a request for sales tax exemption on construction materials to facilitate the apartments portion of the Stag’s Field residential development.
Proposed City Council Motion:
No motion requested as this is only a conceptual presentation. The Developer is seeking the City Council's feedback pursuant to the City's Economic Development Incentive Policy.
Background:
On October 27, 2020, the City Council approved Ordinance No. 8996 which approved the Stag’s Field residential development on an approximately 82 acre site consisting of a 356-unit apartment complex and 16 single-family units for a total of 372 residential units, along with associated public improvements. The City Council’s vote on the ordinance was 5-4. The Corps of Engineers has rejected plans that would provide for gravity sewer service to the property. As a result, the property will need to be provided sanitary sewer service through a low pressure sewer system that will connect at the south portion of the property.
Developer is requesting a Chapter 100 economic incentive in the form of sales tax exemption on construction materials. Developer’s budget summary is:
A summary of the Developer’s savings for the requested sales tax exemption on construction materials is:
A summary of the Developer’s overall incentive request as a percentage of the total proje...
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