Developer-led amendment for Kemper Apartments approved; project to be 53 units, targets 60–80% AMI

Riverstone Platform Partners representative Kelly Rabi told the council the firm agreed to step in as co-developer of the Kemper Apartments redevelopment and asked that the development agreement be amended to change the project from an age-restricted senior building to an age-unrestricted, family-oriented, income-averaging project. "This is one of the most exciting projects I've worked on in 30 years," Rabi said, and noted the redevelopment will preserve large common areas including an auditorium for community events.

Rabi said the project would be about $20,000,000 with 53 units and that roughly half the funding is expected from Missouri State Housing Tax Credits. He described the rent targets as generally in the 60–80% area median income (AMI) range and explained that tax-credit projects have a 15-year compliance term plus an extended-use period, which together preserve affordability for longer. Councilors asked about contingency plans if tax credits are not awarded; Rabi said the team would reapply and could mothball and maintain the building while seeking future rounds. The council held a roll-call vote and approved Resolution R2026-015 to amend the development agreement.