Title
AN ORDINANCE APPROVING THE TAX INCREMENT FINANCING CONTRACT BETWEEN THE CITY OF LEE’S SUMMIT AND M-III LONGVIEW, LLC, FOR THE NEW LONGVIEW TAX INCREMENT FINANCING PLAN AND THE SECOND AMENDED AND RESTATED LONGVIEW FARM TAX INCREMENT FINANCING PLAN.
Body
Issue/Request:
AN ORDINANCE APPROVING THE TAX INCREMENT FINANCING CONTRACT BETWEEN THE CITY OF LEE’S SUMMIT AND M-III LONGVIEW, LLC, FOR THE NEW LONGVIEW TAX INCREMENT FINANCING PLAN AND THE SECOND AMENDED AND RESTATED LONGVIEW FARM TAX INCREMENT FINANCING PLAN.
Key Issues:
This ordinance will approve the tax increment financing contract with M-III Longview, LLC, which is the developer of record for the Second Amended and Restated Longview Farm Tax Increment Financing Plan and the New Longview Tax Increment Financing Plan. These two TIF Plan documents were approved by the City Council in December 2015, and this contract will implement those TIF plans. The attached memorandum from Gilmore & Bell provides the project background and history and a summary of the TIF contract.
Proposed City Council Motion:
First Motion: AN ORDINANCE APPROVING THE TAX INCREMENT FINANCING CONTRACT BETWEEN THE CITY OF LEE’S SUMMIT AND M-III LONGVIEW, LLC, FOR THE NEW LONGVIEW TAX INCREMENT FINANCING PLAN AND THE SECOND AMENDED AND RESTATED LONGVIEW FARM TAX INCREMENT FINANCING PLAN, I move for second reading.
Secong Motion: AN ORDINANCE APPROVING THE TAX INCREMENT FINANCING CONTRACT BETWEEN THE CITY OF LEE’S SUMMIT AND M-III LONGVIEW, LLC, FOR THE NEW LONGVIEW TAX INCREMENT FINANCING PLAN AND THE SECOND AMENDED AND RESTATED LONGVIEW FARM TAX INCREMENT FINANCING PLAN, I move for second adoption.
Background:
The background for this item is set forth in the attached memorandum from Gilmore & Bell.
Timeline:
Exhibit E to the TIF Contract provides the updated proposed timeline for the historic preservation work and development of the Redevelopment Projects.
Presenter
Presenter: David Bushek, Gillmore & Bell, P.C., City's E...
Click here for full text