April 6, 2019

Mallory Herrmann
citydesk@lstribune.net

The Princeton, a senior living community, has received initial approval from the city council for development. The proposed project would sit on 37 acres at the southeast corner of the 50 Highway and Todd George Road interchange, just east of Ranson Road.

The project would include a three-story independent living facility with 91 units, a one-story memory care facility with 18 units and a one-story assisted living facility with 44 units. The facility would be age-restrictive, requiring all residents to be age 62 or older.

Because the property is zoned CP-2 (planned community commercial), the project needs a special use permit (as required for any convalescent, nursing or retirement home in a CP-2 zoning). The developer requested a 99-year special use permit, which is significantly longer than is typically approved by the city. City staff recommended approval of the SUP with a 40-year duration.

It’s expected to create between 60 and 65 jobs, with salaries ranging between $35,000 and $100,000 per year. Those positions include 7 professional, 3 clerical, 41 general labor and 5 part-time jobs. All positions include health insurance and the opportunity to elect other benefits, like dental coverage and a 401(k).

O’Reilly has other similar projects in Blue Springs, St. Charles, Nixa and Joplin.

The $36 million project includes several public infrastructure improvements: off-site sanitary sewer, a water line extension, improvements to Oldham Parkway and an extension of Princeton Drive are valued at approximately $1.7 million.

The developer is requesting Chapter 100 sales tax abatement from the city. The economic development incentive would only apply to the purchase of materials during the construction phase, with an estimated benefit to the developer of about $700,000 during the 18 to 24 months of construction. The council heard a conceptual presentation of the request; no vote was taken.

Mayor Bill Baird said that for a project that includes updates for public infrastructure, care for seniors and added jobs in the city, the tax abatement would be worth it.

“I think $700,000 in sales tax incentives,” Baird said, “is worth the investment of a $36 million project.”

Councilmember Bob Johnson agreed, adding that he appreciated that the developer was not requesting property tax incentives – which would have affected taxing districts like schools and libraries.

He called it a “win-win” and “the best economic tradeoff we could ask for.”

The property is currently under contract for sale to O’Reilly Development, with a close on the sale pending approval of the development plan. It is currently owned by Central Bank. Councilmember Johnson let it be known during the council’s discussion that his daughter is employed by the bank but is not a stockholder. He assured his fellow councilmembers and city staff that he has had no conversations with stakeholders about the project and that the connection would not affect his consideration of the project in any way.

Councilmember Phyllis Edson, who does have a financial interest in Central Bank, recused herself from the discussion and the vote.

The council approved the preliminary development application, with Councilmember Craig Faith voting against. They also approved the special use permit for a term of 40 years, with Councilmembers Faith and Binney, who had proposed a 25-year permit instead, voting against.

All councilmembers were present for the Apr. 2 regular session.

Mark Dunning, assistant city manager, said that city staff would move forward with a formal proposal for the sales tax exemption, which the council will consider and vote on at a future meeting.