Title
An Ordinance approving a Real Estate Sale Agreement between Oldham Investors, LLC, and the City of Lee’s Summit, Missouri, for the purchase of property located at 101 SW Oldham Parkway within the City of Lee’s Summit, Missouri.
(Note: First read by Council on September 3, 2024.)
Body
Issue/Request:
Approval of an agreement to purchase approximately $8.5 acres of land for the construction and operation of a fieldhouse by the Parks and Recreation Department.
Key Issues:
Council approval of a real estate contract to purchase land for a fieldhouse.
Proposed City Council Motion:
I move for second reading of an Ordinance approving a Real Estate Sale Agreement between Oldham Investors, LLC, and the City of Lee’s Summit, Missouri, for the purchase of property located at 101 SW Oldham Parkway within the City of Lee’s Summit, Missouri.
Background:
Oldham Investors, LLC (“Seller”), is a special purpose entity formed by Drake Development (“Developer”) for the ownership and development of land located at 101 SW Oldham Parkway. Seller and the City have negotiated a purchase agreement for approximately 8.52 +/- acres of land generally located at the southwest corner of Highway 50 and Highway 291 in Lee’s Summit, Missouri. Developer is requesting incentives, which will be considered by the City Council at a later date.
Impact/Analysis:
The attached summary sheet provides a summary of the key terms payment provision in the agreement allows for a number of different payment methods, to be mutually agreed-upon by the City and Developer at a later date as the incentives are considered by the City Council. The payment methods include the following payment options by the City:
(1) Cash at closing;
(2) Payment to Seller of one or more tax revenues that may be approved by the City Council for the Project in connection with the Incentives, upon terms, and in such amounts, as are reasonably acceptable to Seller;
(3) a credit for the transfer by Buyer to Seller of tha...
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