Title
AN ORDINANCE APPROVING THE ASSIGNMENT AND FIRST AMENDED AND RESTATED DEVELOPMENT AGREEMENT TO PROMOTE ECONOMIC DEVELOPMENT ACTIVITIES AND THE SECOND AMENDED TO OPTION AGREEMENT, BOTH BEING BY AND BETWEEN EXERGONIX, INC., WESTCOTT INVESTMENT GROUP, LLC., AND THE CITY OF LEE’S SUMMIT AND PERTAINING TO THE SAME SUBJECT; AND AUTHORIZING THE CITY MANAGER TO EXECUTE THE SAME BY AND ON BEHALF OF THE CITY OF LEE’S SUMMIT, MISSOURI.
Body
Issue/Request:
AN ORDINANCE APPROVING THE ASSIGNMENT AND FIRST AMENDED AND RESTATED DEVELOPMENT AGREEMENT TO PROMOTE ECONOMIC DEVELOPMENT ACTIVITIES AND THE SECOND AMENDED TO OPTION AGREEMENT, BOTH BEING BY AND BETWEEN EXERGONIX, INC., WESTCOTT INVESTMENT GROUP, LLC., AND THE CITY OF LEE’S SUMMIT AND PERTAINING TO THE SAME SUBJECT; AND AUTHORIZING THE CITY MANAGER TO EXECUTE THE SAME BY AND ON BEHALF OF THE CITY OF LEE’S SUMMIT, MISSOURI.
Key Issues:
THE UPDATED ASSIGNMENT AND RESTATED DEVELOPMENT AGREMEENT IS NOW INCORPORATED WITHIN THE PACKET - SEE ATTACHMENT #2 (DOUMENT POSTED ON 5/19/16 @ 12:25 PM)
AT TIME OF PACKET PREPARATION - EXHIBIT A AND EXHIBIT B FOR INCLUSION WITHIN THE PROPOSED ORDINANCE WERE STILL BEING REVISED. PROVIDED WITHIN THIS PACKET IS PREVIOUS VERSIONS OF EXHIBIT A AND EXHIBIT B FROM THE APRIL 14, 2016 CITY COUNCIL MEETING AND HAVE BEEN PROVIDED TO PROVIDE THE CONTEXT FOR WHICH THESE DOCUMENTS ARE BEING PREPARED. ONCE FINALIZED, EXHIBIT A AND EXHIBIT B WILL BE PROVIDED ELECTRONICALLY TO THE MAYOR AND CITY COUNCIL AND UPLOADED ON THE CITY'S LEGISLATIVE INFORMATION CENTER SITE. INFORMATION CONTAINED IN THE DEVELOPMENT AGREEMENT COMPARISON (ATTACHMENT 4) IS REFLECTIVE OF THE CURRENT PROPOSAL OFFERED BY WESTCOTT INVESTMENT GROUP.
Westcott Investment Group, LLC desires to acquire the development rights currently assigned to Exergonix, Inc. to develop the approximate 83 acres that Exergonix and the City of Lee's Summit entered into a public/private partnership to purchase and develop in 2011.
The deadline ...
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