Title
An Ordinance Approving an Amended and Restated Master Plan for Industrial Development Projects for the Streets of West Pryor Development.
(Note: First read by Council on May 18, 2021. Passed by unanimous vote.)
Body
Proposed City Council Motion:
I move for adoption of an Ordinance Approving an Amended and Restated Master Plan for Industrial Development Projects for the Streets of West Pryor Development.
Background:
On December 18, 2018, the City Council held the original public hearing for the Master Plan for Industrial Development Projects for the Streets of West Pryor Development pursuant to Chapter 100 of the Revised Statutes of Missouri. On January 8, 2019, the City Council approved the “Master Plan for Industrial Development Projects for the Streets of West Pryor Project” (the “Chapter 100 Master Plan” or the “Master Plan”) through the adoption of Ordinance No. 8540.
On February 19, 2019, the City Council approved three separate Chapter 100 transactions and the associated Chapter 100 bond documents through the adoption of three separate ordinances for:
(1) the Commercial Project (Ordinance No. 8564, $60 million)
(2) the Grocery Store Project (Ordinance No. 8565, $17 million)
(3) the Apartment Project (Ordinance No. 8566, $48 million)
Since the adoption of these ordinances, Developer has undertaken the construction of certain parts of the project, and has received certain additional zoning approvals. The grocery store, two restaurants, a supplement store and a coffee shop are open. Another restaurant is under construction, and the construction of two restaurants on Lots 1 and 2 are about begin. The Phase 1 Apartments are currently under construction, and the preliminary development plan which includes the Phase 2 Apartments was approved by Ordinance No. 9090 on March 9, 2021. The original Chapter 100 Master Plan anticipated the issuance of taxable industrial development revenue bonds in the aggregate principal amount of not to exceed $179...
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