Title
Conceptual Economic Development Incentive Request - Chapter 100 incentives for the Summit Square Phase III Apartments; NorthPoint Development, applicant
Body
Issue/Request:
This is a conceptual presentation pursuant to the City's Economic Development Incentive Policy for the request by NorthPoint Development (“Developer”), as the developer of the Summit Square III Apartments consisting of two apartment buildings containing 323 residential units with an integrated clubhouse on approximately 11.4 acres of property located at 700 NW Ward Road, for sales and use tax exemption on construction materials and fixed payments in lieu of taxes (PILOTs) starting at $1700 per door pursuant to Chapter 100 of the Revised Statutes of Missouri.
Key Issues:
Evaluation of a request for incentives in the form of sales and use tax exemption on construction materials and fixed PILOTs for 10 years starting at $1700 per door.
Proposed City Council Motion:
No motion requested as this is only a conceptual presentation. The Developer is seeking the City Council's feedback pursuant to the City's Economic Development Incentive Policy.
Background:
Request
Developer is requesting a Chapter 100 economic incentive in the form of (1) sales and use tax exemption on construction materials and (2) fixed PILOTs starting at $1700 per door for a period of 10 years.
The property is located at 700 NW Ward Road, which is to the west of the developing Summit Orchard shopping area and the constructed Summit Square I and II Apartments (The Donovan).
The proposed development will be composed of two buildings containing 323 residential units
Prior Summit Square Apartment Incentives
On May 19, 2016, the City Council approved Ordinance No. 7889 which approved the Chapter 100 Plan for the Summit Square Apartments (Phase 1) and the associated implementation documents which provided for sales tax exemption on construction materials and a fixed PILOT in the amount of $935 per unit. The Phase 1...
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