Title
Presentation: Discovery Park Project and Tax Increment Financing Plan
Body
Issue/Request:
Presentation for the Discovery Park Project, including the following incentive requests for the project:
1. Tax Increment Financing Plan
2. 1% CID Sales tax (expansion of an existing CID)
3. City Hotel Sales Tax Rebate (1% City general sales tax)
Key Issues:
Discovery Park Lee’s Summit, LLC (Developer) is proposing to develop the proposed Redevelopment Area, which contains approximately 200 acres, which is located between NE Colbern Road and NE Douglas Street on the north, I-470 on the south, NE Douglas Street on the east, and Main Street on the West, in Lee’s Summit, Missouri.
The four Redevelopment Projects are proposed to consist of a mixed-use development project containing approximately 660,500 square feet of retail, office, entertainment and hospitality space and/or other related commercial uses, approximately 2,930 luxury multi-family units and approximately 1,520 structured parking stalls, along with associated public improvements that would serve the Redevelopment Area. The development by Redevelopment Project Area is:
• Redevelopment Project Area 1 - approximately 80,800 square feet of commercial space, approximately 1,185 luxury multi-family units, approximately 690 structured parking stalls and approximately 230 hotel rooms.
• Redevelopment Project Area 2 - approximately 126,500 square feet of commercial space.
• Redevelopment Project Area 3 - approximately 224,000 square feet of commercial space, approximately 332 luxury multi-family units.
• Redevelopment Project Area 4 - approximately 234,000 square feet of commercial space, approximately 1,280 luxury multi-family units and approximately 830 structured parking stalls.
Please see attached memorandum prepared by David Bushek which summarizes the economic development incentives requested for the proposed TIF Plan.
Background:
On July 19, 2022, the City Council approved a Funding Agreement with...
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