Title
An Ordinance approving a plan for an Industrial Development Project for the Zerega Pasta Project.
(Note: First read by Council on March 8, 2022. Passed by unanimous vote with one abstention.)
Body
Issue/Request:
A Plan for an Industrial Development Project for the Zerega Pasta Project and authorizing the issuance by the City of its taxable industrial development revenue bonds in the aggregate principal amount of not to exceed $42,000,000 to finance costs of the industrial project for A. Zerega Sons, Inc. 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”).
Motion:
I move for adoption of an Ordinance approving a plan for an Industrial Development Project for the Zerega Pasta Project.
Key Issues:
A. Zerega Sons, Inc. (Developer) is requesting that the City approve incentives through a Chapter 100 Master Plan to provide sales tax exemption on construction materials and tax abatement for 10 years in the amount of 75% for a 160,000 square foot expansion to a current facility in the City, together with the extension of a rail spur to service the expansion and the installation of equipment. which will be used for manufacturing, warehousing and distribution purposes (the “Project”), to be situated on approximately 9.48 acres surrounding the current facility at 200 NW Victoria Drivein Lee’s Summit, Missouri.
Background:
On February 1, 2022, the City Council heard a conceptual presentation about the incentive request presented by Developer for the proposed industrial expansion. 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 $...
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