Title
Public Hearing: Master Plan for the Logistics Park Industrial Development Project (Chapter 100)
Body
Issue/Request:
This is a public hearing to consider the approval of a Plan for an Industrial Development Project and Cost-Benefit Analysis for the Logistics Park Project and authorizing the issuance by the City of its taxable industrial development revenue bonds in the aggregate principal amount of not to exceed $82,500,000 to finance costs of the industrial project for Scannell Properties #603, 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:
Scannell Properties (Developer) is requesting the City approve incentives through a Chapter 100 Master Plan to provide sales tax exemption on construction materials and tax abatement for 20 years for the approximately 783,000 square foot industrial project on approximately 75.82 acres located on each side of the existing NW Main Street north of Tudor Road in Lee’s Summit, Missouri.
Background:
In September 2021, the City Council heard a conceptual presentation about the incentive request presented by Developer. 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.
Impact/Analysis:
The Project is expected to cost approximately $82,177,663, consisting of investments made in the years 2022 through 2023, although the actual years of investment may vary based on Project implementation. The Project to be financed by the Bonds consists of three industrial buildings and related public improvements, specifically one building anticipated to be 431,460 square feet, a second building anticipated to be 113,400 square feet and a third build...
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