Title
An Ordinance approving the Petition for Formation of the Colbern Ridge Community Improvement District.
(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 Community Improvement District (CID), which would provide reimbursement to Developer from a CID sales tax that would be imposed in the project area 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:
Ordinance to approve the CID 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.
On or about May 15, 2023, Developer filed the LCRA Redevelopment Plan with the City Clerk. The Plan as filed eliminates the City sales tax sharing component. Inste...
Click here for full text