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File #: 2021-4240    Name:
Type: Public Hearing - Sworn Status: Agenda Ready
File created: 6/30/2021 In control: City Council - Regular Session
On agenda: 7/20/2021 Final action:
Title: Public Hearing: Master Plan for Industrial Development Project (Chapter 100) for the Stag’s Field Apartments
Attachments: 1. Master Plan - As Mailed to Taxing Districts, 2. Developer Incentive Modeling, 3. Pre-Application Worksheet, 4. History of Residential Incentives in Lee's Summit, 5. 1 Updated Developer rendering - Birds Eye View 072021, 6. 2 Updated Developer Rendering - Birds Eye View 072021, 7. 3 Updated Developer Rendering - Clubhouse View 072021, 8. 4 Updated Developer Rendering - Pool View 072021, 9. 5 Updated Developer Rendering - Pool VIew 072021, 10. 6 Updated Developer Rendering - Pool View 072021, 11. 7 Updated Developer Rendering - Courtyard View 072021
Related files: 2020-3806
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Public Hearing: Master Plan for Industrial Development Project (Chapter 100) for the Stag’s Field Apartments

This is a public hearing to consider the approval of a Plan for an Industrial Development Project and Cost-Benefit Analysis for the Stag’s Field Apartments and authorizing the issuance by the City of its taxable industrial development revenue bonds in the aggregate principal amount of not to exceed $85,000,000 to finance costs of the apartment project for Bowlin Rd Investments, LLC. The Bonds will be issued pursuant to the provisions of Sections 100.010 to 100.200 of the Revised Statutes of Missouri, as amended, and Article VI, Section 27(b) of the Missouri Constitution, as amended (collectively, the “Act”).

Key Issues:
Stag Commercial (Developer) is requesting that the City approve incentives through a Chapter 100 Master Plan to provide sales tax exemption on construction materials for the apartment component of the Stag’s Field residential project at 1215 NW Bowlin Road.

On October 27, 2021, 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.

On May 18, 2021, the City Council heard a conceptual presentation about the incentive request, which is proposed to consist of sales and use tax exemption on the purchase of construction materials. A majority of the City Council expressed an interest in considering the incentive request through the formal Chapter 100 process. The City Council did not vote or render any type of final or binding decision as part of the conceptual presentation.

Based on the information provided by Developer, the Developer’s budget for the overall project is:

Under Article X, Section 6...

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