Title
An Ordinance approving a plan for a Chapter 100 Project for the Summit Square Phase III Apartments Project.
(Note: First read by City Council on December 13, 2022. Passed by unanimous vote.)
Body
Issue/Request:
This is an ordinance to approve a Chapter 100 Plan for the Summit Square Phase III Apartments Project and authorizing the issuance by the City of its taxable industrial development revenue bonds in the aggregate principal amount of not to exceed $72,200,000 to finance costs of the residential project to be constructed by the company NorthPoint Development, LLC (“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”).
Key Issues:
Developer is requesting that the City approve incentives through a Chapter 100 Plan to provide sales tax exemption on construction materials and a fixed schedule of payments in lieu of taxes (PILOTs) for 10 years for the residential project.
Motion:
I move for adoption of an Ordinance approving a plan for a Chapter 100 Project for the Summit Square Phase III Apartments Project
Background:
At the October 4, 2022 Council meetings, 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 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 two-building, multi-story apartment complex with approximately 324 units with brick and siding facades, including an integrated clubhouse with exercise facilities and a rock-climbing wall, approximately 562 parking stalls, a salt-water swimming pool, and greenspace surrounding a pond. The Project will be situated...
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