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File #: 2022-5323    Name:
Type: Presentation Status: Presented
File created: 12/5/2022 In control: City Council - Regular Session
On agenda: 12/20/2022 Final action: 12/20/2022
Title: Conceptual Economic Development Incentive Request for the Shamrock Redevelopment Project; Homefield KC, applicant
Attachments: 1. Developer Presentation Slides, 2. Developer Financial Modeling, 3. Staff Slides
Related files: BILL NO. 23-238
Conceptual Economic Development Incentive Request for the Shamrock Redevelopment Project; Homefield KC, applicant

This is a conceptual presentation pursuant to the City's Economic Development Incentive Policy for the request by Homefield KC (“Developer”), as the developer of a proposed mixed use residential, commercial and sports facility project to be constructed on the property that is currently occupied by the Shamrock Golf Course which is located on the east side of Highway 291 South and south of SE 30th Street. For the requested incentives, the Developer proposes to use:

(1) a tax increment financing plan
(2) a community improvement district that imposes a 1% sales tax
(3) a Chapter 100 Plan for
(a) sales tax exemption on construction materials for certain private components of the project and
(b) a fixed schedule of payments in lieu of taxes (PILOTs) for the multi-family development and
(4) City contribution of all City sales and use tax revenues that are not captured by the TIF plan in the project area, in an amount equal to 1.375% which is half of the City’s combined sales and use tax rate, which is commonly called “SuperTIF”.

The project is also proposed to include the following public facilities to be owned and operated by the Lee’s Summit Parks and Recreation Department:
(1) Fieldhouse
(2) Fitness Center integrated into the Fieldhouse
(3) outdoor turf field connected with the Field House operations
(4) greenspace and park improvements in the northern area of the current golf course property.

Key Issues:
(1) Evaluation of a request for a four-part public incentive package to provide reimbursement to Developer for certain qualified redevelopment costs.
(2) Incorporation of the Fieldhouse and related Parks components into the project and the proposed funding contribution from the Parks Department.

The proposed developer has negotiated an option to purchase the Shamrock Golf Course property. The devel...

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