Title
Public Hearing: Chapter 100 Plan for the Raintree Village Senior Care Project; CCRC of Lee’s Summit, LLC, applicant (affiliate of Scenic Development)
Body
Issue/Request:
This is a public hearing to the approval of a Chapter 100 Plan and Cost-Benefit Analysis for the Scenic Development Senior Care Project in the Raintree Village area and authorizing the issuance by the City of its taxable industrial development revenue bonds in the aggregate principal amount of not to exceed $48,350,000 to finance costs of the project to be constructed by the company CCRC of Lee’s Summit, LLC (“Developer”), which is an affiliate of Scenic Development. 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.
Background:
At the July 12, 2022 Council meeting, the City Council heard a conceptual presentation about the incentive request presented by Developer for this project and a community improvement district for the commercial portions of the project. 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 continuing care retirement community with (1) a senior residential building of approximately 126 units (the “Senior Residential Building”), consisting of approximately 56 independent living units, 34 assisted living units, and 40 skilled nursing beds (some of which will be in double-bed units), with 3 dinin...
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