Title
Public Hearing: Chapter 100 Plan for the Clover Independent Senior Living Project; Clover Communities Lee’s Summit LLC, applicant
Body
Issue/Request:
This is a public hearing to consider the approval of a Chapter 100 Plan and Cost-Benefit Analysis for the Clover Independent Senior Living Project and authorizing the issuance by the City of its taxable industrial development revenue bonds in the aggregate principal amount of not to exceed $23,150,000 to finance costs of the residential project to be constructed by the company (the “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.
Background:
At the July 25, 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 a senior living apartment complex of approximately 128 units to be located on approximately 7 acres situated to the west of Douglas Street between Tudor Road to the north and Chipman Road to the south. The Project is anticipated to include a mix of one and two bedroom apartments with modern kitchens including a breakfast bar and pantry, stainless steel appliances, walk-in showers, private patios or balconies, indoor mailboxes, a controlled building entry system and emergency pull-cords in ea...
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