Title
An Ordinance approving a plan for a Chapter 100 Project for the Tudor and Douglas 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 Tudor & Douglas 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 $65,700,000 to finance costs of the residential project to be constructed by the company Archview Properties, 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 Tudor and Douglas Apartments Project.
Background:
At the October 18, 2022 Council meeting, 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 an apartment complex with approximately 358 units spread across eight four-story apartment buildings, with a clubhouse and pool facility, pickleball and bocce ball courts, a business center, separate dog parks for large and small dogs, a maintenance building, onsite detention basin, and parking that includes detached garages for some uni...
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