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City Council heard a presentation from Discovery Park Lee’s Summit, LLC on a Tax Increment Financing Plan for the proposed $951 million Discovery Park Project. The project would be located on approximately 200 acres generally located between NE Colbern Road and NE Douglas Street. The developer is proposing the use of a combination of incentive programs which include tax increment financing, a community improvement district (CID) and a rebate of a portion of tax revenue generated by hotel stays within the project.
The four-phased multi-use project will consist of the following development types:
- 660,500 square feet of commercial (retail, office, entertainment and hospitality space).
- 230 hotels (Marriott and Hilton Hotels).
- 2,791 multi-family residential units.
- 1,520 parking stalls.
Phase 1: May 2023 - October 2026
Commercial Development – 80,800 square feet
Residential Development – 1,185 luxury multi-family units
Parking Development – 690 structured parking stalls
Hotel Development – 230 rooms
Phase 2: August 2024 - October 2026
Commercial Development – 126,500 square feet
Phase 3: May 2024 – December 2027
Commercial Development – 224,000 square feet
Residential Development – 332 luxury multi-family units
Phase 4: March 2028 – April 2031
Commercial Development – 234,000 square feet
Residential Development – 1,280 luxury multi-family units
Parking Development – 830 structured parking stalls
Following the presentation, a public hearing was held on the Discovery Park Project Tax Increment Financing Plan. The plan received initial approval from the City Council.
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