Lebanon approves Chapter 100 bond for Cedar Ridge apartments, council OKs tax abatement and bond structure

Lebanon, Mo. — The Lebanon City Council approved Chapter 100 industrial development revenue bonds for the Cedar Ridge apartment project at 634 Fremont, authorizing a financing package for a $42,100,000 development that aims to create 216 apartment units and use construction sales tax exemptions.

The public hearing drew a brief presentation from David Martin of Gilmore & Bell, who served as bond counsel, and remarks from Emily Givens of Bridal Property. Martin explained the financing structure and said the bonds will be purchased by the company and "the city is not in any way liable for a bond payment." He added the payments are funneled through a bond trustee back to the company serving as bond owner.

Givens described the project timeline and design intent, saying the first phase should be completed in March 2027 and that the redevelopment of the HD Lee building in downtown is part of the abatement conditions the developer hopes to pursue.

Under the proposal the city would provide a sales-tax exemption on construction materials and a tax abatement at 100% for up to 10 years if the developer both constructs the 216-unit Cedar Ridge development and proceeds with the HD Lee building redevelopment. If the downtown redevelopment does not occur within the specified timeframe, the abatement would reduce (the staff presentation said the abatement could drop to 87.5% in some scenarios).

Council members asked about project footprints and design for the HD Lee component; Givens said plans were not yet complete. Martin fielded questions about bond backing and clarified that the company purchases the bonds and acts as the obligor; "there is no backing," he said in explaining that the city would not be financially on the hook.

After discussion the council moved through readings and a roll-call vote to approve Council Bill 69-71, which the clerk recorded as ordinance 26-2 under the city's new numbering system.

What happens next: project documents and bond closing steps proceed per the bond counsel’s explanation; staff and developer will continue design and scheduling toward the stated first-phase completion target.