Title
An Ordinance approving a plan for a Chapter 100 Development Project for the Douglas Station Residential Project.
(Note: First read by Council on September 19, 2023.)
Body
Issue/Request:
This is an ordinance for approval of a Chapter 100 Plan and Cost-Benefit Analysis for the Douglas Station Residential Project and authorizing the issuance by the City of its taxable industrial development revenue bonds in the aggregate principal amount of not to exceed $26,105,000 to finance costs of the residential project to be constructed by the company Douglas Station (“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”).
Key Issues:
Developer is requesting that the City approve incentives through a Chapter 100 Plan to provide sales tax exemption on construction materials and a fixed schedule of payments in lieu of taxes (PILOTs) for 10 years for the residential project.
Motion:
I move for adoption of an Ordinance approving a plan for a Chapter 100 Development Project for the Douglas Station Residential Project.
Background:
At the June 20, 2023 Council meetings, the City Council heard a conceptual presentation about the incentive request presented by Developer. A majority of the City Council expressed an interest in considering the incentive request through the formal Chapter 100 process. The City Council did not vote or render any type of final or binding decision as part of the conceptual presentation.
The project to be financed by the Bonds consists of 150 residential two and three-bedroom units on approximately 6.3 acres of property located east of NW Commerce Drive and north of the Lee’s Summit Police & Courts Facility.
Impact/Analysis:
The Project is expected to cost approximately $26,105,000. The investment is anticipated to be made in 2024 and 2025 as stated in th...
Click here for full text