Title
An Ordinance approving the Colbern Ridge Land Clearance for Redevelopment Authority (LCRA) Redevelopment Plan.
(Note: First read by Council on June 6, 2023. Passed by unanimous vote.)
Body
Issue/Request:
This is an ordinance to approve the Colbern Ridge LCRA Redevelopment Plan, which would provide sales and use tax exemption on construction materials and public improvement assessment reimbursement through long-term tax abatement for the proposed development to be constructed by Colbern-Rice Investments, LLC (the “Developer”) which is located at the Northeast corner of Rice Road and Colbern Road, in Lee’s Summit, Missouri, totaling 41.4 acres.
The LCRA Plan provides for the construction of a mixed-use development consisting of approximately 136 apartment units; 220 senior-only multi-family units; approximately 28,500 square feet of medical office building space; and approximately 30,000 square feet of office, warehouse/office and other commercial uses, respectively, along with all associated onsite and offsite sitework and infrastructure, including utilities, stormwater management, street/drive and parking improvements, and landscaping.
The LCRA Plan will establish public ownership during the construction of improvements for Developer to receive and use a sales tax exemption certificate for the purchase of construction materials that are used in the construction of the Project, a property tax abatement at 50% for up to 25 years, a public improvements assessment in the amount the annual 50% property tax abatement, and a 1% community improvement district (CID) sales tax for up to 27 years.
Key Issues:
LCRA Redevelopment Plan for the Colbern Ridge Project.
Background:
On June 6, 2023, Developer made a conceptual incentive request to the City Council for the requested incentive package and received positive non-binding feedback from the Council. The Council expressed some reservations about the City sales tax revenue sharing request, and recommende...
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