Focus Area: Economy
Staff Contact: Jamie Robichaud / Kathryn Messer
Subject: Report on Request by Blue Springs Safety Storage South, LLC and assigns to amend resolution No. 25-1030 (Building 1)
________________________________________________________________________________
title:
title
Report on Request by Blue Springs Safety Storage South, LLC and assigns to amend resolution No. 25-1030 (Building 1)
Body
________________________________________________________________________________
Summary:
On May 6, 2025, the City Council adopted Resolution No. 25-1030, determining the City’s intent to issue industrial revenue bonds in an aggregate principal amount not to exceed $21,475,000 for the benefit of Blue Springs Safety Storage South, LLC, a Missouri limited liability company. The bonds would finance the acquisition of land and the construction and equipping of an approximately 62,000 square foot industrial facility generally located at the northeast corner of US 169 Highway and 167th Street.
At the request of the Company, the governing body is now considering an amendment to increase the property tax abatement from 50% to up to 80% of eligible mills, consistent with the City’s updated Industrial Revenue Bond and Property Tax Abatement Policy. The updated policy allows an additional abatement of up to 30% for qualifying warehouse, distribution, logistics, manufacturing, and data center projects located within a targeted development area identified in Exhibit B of the policy.
________________________________________________________________________________
Financial Impact:
See attached materials for more detailed fiscal impact information. All costs related to the issuance of bonds will be paid by Blue Springs Safety Storage South, LLC.
________________________________________________________________________________
Action Needed:
Accept report. A public hearing and resolution regarding the project will go before the City Council at its April 7th meeting
________________________________________________________________________________
Attachment(s):
A. Application
B. Firm Data Sheet
C. Resolution No. 25-1030
D. Letter Requesting Amendment
E. Amended Cost Benefit Analysis
F. Site Aerial
G. Resolution No. 26-XXXX