Title
An Ordinance approving a plan for a Chapter 100 Project for the Pryor Mixed-Use Project.
(Note: First read by Council on December 19, 2023.)
Body
Issue/Request:
This is an ordinance to approve the Chapter 100 Plan for the Pryor Mixed-Use Project and authorizing the issuance by the City of its taxable industrial development revenue bonds in the aggregate principal amount of not to exceed $65,000,000 to finance costs of the project to be constructed by the company Griffin Riley Investments, LLC (the “Developer”), as the Developer of the Pryor Mixed-Use 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 and use tax exemption on construction materials and a fixed schedule of payments in lieu of taxes (PILOTs) for 10 years for the residential portion of the project.
Motion:
I move for second reading of An Ordinance Approving a Plan for a Chapter 100 Project for the Pryor Mixed-Use Project.
Background:
At the October 24, 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 will be located at the Southeast quadrant of the intersection of Missouri 150 Highway and Southwest Pryor Road. The Project to be financed by the Bonds consists of a 253 unit apartment complex comprising 4 multi-story buildings (the “Apartment Buildings”), one of which will include approximately 21,000 square feet of commercial space on the first floor (the “Comm...
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