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Raymore approves Chapter 100 bonds for Timber Trails/Iconic multifamily and retail phases amid debate over abatements
Summary
Council approved two Chapter 100 bond authorizations for the Timber Trails/Iconic development: Bill 3992 (multifamily phase, $56.625M) and Bill 3993 (retail phase, $3.675M) after debate about pilot structure, precedent and tax impacts. Both first readings passed 5-2.
The Raymore City Council approved Chapter 100 industrial development revenue bonds Dec. 22 for the Timber Trails project (now called Iconic), authorizing tax-abatement frameworks for a 300-unit multifamily phase and a small multi-tenant retail phase. Both items were approved on first reading after extended council discussion about fiscal tradeoffs and precedent.
For the multifamily phase (Bill 3992), staff and counsel explained the bond issuance would implement the tax-incentive structure established in a 2023 development plan: bonds estimated at $56,625,000 would support construction of approximately 300 Class A apartment units on roughly 17 acres at the northwest corner of Dean and Johnston. The pilot formula uses a dollars-per-unit payment in lieu of taxes starting at $14.48 per unit (projected upward…
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