Title
Presentation: Conceptual Economic Development Incentive Request - Chapter 100 incentives for the TriStar Residential Project (The Montage); TriStar Properties, applicant.
Body
Issue/Request:
This is a conceptual presentation pursuant to the City's Economic Development Incentive Policy for the request by TriStar Properties (“Developer”), as the developer of The Montage Residential Project consisting of 226 townhome and four-plex residential units located at Old 291 Highway approximately one-half mile north of Highway 150, for sales and use tax exemption on construction materials and fixed payments in lieu of taxes (PILOTs) starting at $2,776 per door, along with a public improvement assessments payment to Developer, pursuant to Chapter 100 of the Revised Statutes of Missouri.
Key Issues:
Evaluation of a request for incentives in the form of sales and use tax exemption on construction materials and fixed PILOTs for up to 20 years starting at $2,776 per door, with 35% of the PILOTs being paid to Developer as reimbursement for public improvement costs.
Proposed City Council Motion:
No motion requested as this is only a conceptual presentation. The Developer is seeking the City Council's feedback pursuant to the City's Economic Development Incentive Policy.
Background:
On June 7, 2022, the City Council approved Ordinance No. 9430 which approved a rezoning to the RP-4 District and a preliminary development plan for the TriStar residential project. The project is intended to consist entirely of rental townhome and four-plex units. At the time of rezoning approval, Developer had not requested incentives for the project. After receiving rezoning approval, Developer determined that the approved project was not financially feasible without assistance for the public improvements that serve the development.
Developer then made an initial incentive request that uses the present fixed PILOTs structure proposing 50% assessments and 50% payments to the taxing ...
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