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Council approves East Village incentive package; LCRA, TIF and related ordinances move forward
Summary
After developer and financial-advisor presentations, Council approved a suite of ordinances activating LCRA/TIF measures and related project areas for East Village. Baker Tilly's 'but-for' analysis and staff contract controls framed council discussion about scope and safeguards.
Lee's Summit City Council voted on a sequence of incentive-related ordinances tied to the East Village redevelopment area after presentations from the developer, city staff and the city's financial advisor.
Developer Drake Development and economic development counsel (David Bushek) described the incentive tools requested: a local community redevelopment authority (LCRA) sales-and-use tax exemption on construction materials and a 75% real-property tax abatement on the identified multifamily components (requested for 25 years), plus a tax-increment financing (TIF) plan that would capture 50% of incremental property and sales taxes within the TIF boundaries for up to statutory term limits. Bushek told council the aggregate benefit to the developer was estimated at roughly $111 million, or about 22.5% of the project's cited total cost.
The council’s independent financial adviser, Baker Tilly, conducted a so-called 'but for' analysis. Colby Krasnowski of Baker Tilly…
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