Title
An Ordinance authorizing the City of Lee’s Summit, Missouri to issue Taxable Industrial Development Revenue Bonds in a principal amount not to exceed $103,100,000 in connection with the Blackwell Residential Rental Project; and authorizing certain documents and actions in connection therewith.
(First read by Council on February 7, 2023.)
Body
Issue/Request:
This is an ordinance to authorize the bond documents to implement the Plan for an Industrial Development Project for the Blackwell Residential Rental Project and authorizing the issuance by the City of its taxable industrial development revenue bonds in the aggregate principal amount of not to exceed $103,100,000 to finance costs of the residential project to be constructed by the company Griffin Riley (“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”).
Motion:
I move for second reading of An Ordinance Authorizing the City of Lee’s Summit, Missouri to Issue Taxable Industrial Development Revenue Bonds in a Principal Amount Not to Exceed $103,100,000 in Connection With the Blackwell Residential Rental Project; and Authorizing Certain Documents and Actions in Connection Therewith.
Key Issues:
Griffin Riley (Developer) is requesting that the City approve incentives through a Chapter 100 Master Plan to provide sales tax exemption on construction materials and a fixed schedule of payments in lieu of taxes (PILOTs) for 20 years for the residential project on approximately 62 acres located at the northeast quadrant of Blackwell Road and Highway 50 in Lee’s Summit, Missouri.
Background:
At three Council meetings in October and December 2021 and March 2022, the City Council heard a conceptual presentation about the incentive request presented by Developer. A majority of the City Council expressed an interest in consi...
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