Title
Presentation: Conceptual Economic Development Incentive Request - Chapter 100 incentives for the Douglas and Tudor Apartments Project; Cityscape Residential, applicant.
Body
Issue/Request:
This is a conceptual presentation pursuant to the City's Economic Development Incentive Policy for the request by Cityscape Residential acting through Archview Properties LLC as the buyer of the property (“Developer”), as the developer of the Douglas and Tudor Apartments Project consisting of multiple apartment buildings containing 358 residential units with an integrated clubhouse on approximately 13 acres of property located at 15 and 25 NW Tudor Road and 908 NE Douglas Street, for sales and use tax exemption on construction materials and fixed payments in lieu of taxes (PILOTs) starting at $1744 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 $1744 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:
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 $1744 per unit for a period of 10 years.
The property is located at 15 and 25 Tudor Road and 908 NE Douglas Street. The proposed development will be composed of multiple buildings containing 358 residential units
Impact/Analysis:
Sales and Use Tax Exemption
The sales tax exemption request would have an impact on the City based on the loss of sales and use tax revenues. City staff has preliminarily calculated that the lost sales and use tax revenue for the City would be about $117,000 from lost sales taxes and $486,000 from lost use taxes...
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