Title
An Ordinance Approving a Plan for a Chapter 100 Project for the Blackwell Residential Rental Project.
(Note: First read by City Council on April 12, 2022.)
Body
Issue/Request:
This ordinance would approve the Chapter 100 Plan for the Blackwell Residential Rental Project and authorize the issuance by the City of its taxable industrial development revenue bonds in the aggregate principal amount of not to exceed $103,000,000 to finance costs of the residential project to be constructed by the company Griffin Riley (“Developer”). 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 a Chapter 100 Project for the Blackwell Residential Rental Project.
Key Issues:
Griffin Riley (Developer) is requesting that the City approve incentives through a Chapter 100 Master Plan to provide sales tax exemption on construction materials and a fixed schedule of payments in lieu of taxes (PILOTs) for 20 years for the residential project on approximately 62 acres located at the northeast quadrant of Blackwell Road and Highway 50 in Lee’s Summit, Missouri.
Background:
At three Council meetings in October and December 2021 and March 2022, 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 at the March 16, 2022 Council meeting 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.
The Project to be financed by the Bonds consists of a residential rental development with apartments (approximately 252 units), townhomes (approximately 113 units) and single family rentals (approximately 77 units). The P...
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