Title
Public Hearing: Chapter 100 Plan for the Greens at Woods Chapel Apartments Project; Chapel Ridge Apartments, LLC, applicant.
Body
Issue/Request:
This is a public hearing to consider the Chapter 100 Plan and Cost-Benefit Analysis for the Greens at Woods Chapel 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 $70,500,000 to finance costs of the residential project to be constructed by Chapel Ridge Apartments, LLC (the “Developer”), as the Developer of the Greens at Woods Chapel Residential Project. 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.
Background:
At the June 20, 2023 Council meeting, 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 396 residential units on approximately 18 acres of property located on multiple parcels that are west of NE Ralph Powell Road and south of NE Woods Chapel Road, for sales and use tax exemption on construction materials and fixed payments in lieu of taxes (PILOTs) starting at $1,600 per unit pursuant to Chapter 100 of the Revised Statutes of Missouri.
Impact/Analysis:
The Project is expected to cost approximately $70,500,000....
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