Title
An Ordinance authorizing the City of Lee’s Summit, Missouri to issue Taxable Industrial Development Revenue Bonds in a principal amount not to exceed $9,975,000 in connection with the Lakewood Business Park Project (Building 2); and authorizing certain documents and actions in connection therewith.
Body
Issue/Request:
This request stems from the approval of the Master Plan for an Industrial Development Project and Cost-Benefit Analysis for the Lakewood Business Park Project. As a part of that approval, the City Council agreed to authorize the issuance of taxable industrial development revenue bones to finance costs of the industrial project for North Oak Safety Storage, LLC, which is an affiliate of Ward Development. The Phase II Bonds will be issued pursuant to the provisions of Sections 100.010 to 100.200 of the Revised Statutes of Missouri, as amended and Article VI, Section 27(b) of the Missouri Constitution, as amended (collectively, the “Act”).
Key Issues:
The Project to be financed by the Bonds consists of up to eight buildings and related public improvements with a combined square footage of approximately 400,000 square feet, each of which will be used for warehousing, distribution, manufacturing and/or industrial flex space purposes. Additionally, the Project will include the construction and installation of streets, sanitary sewer lines and other public utilities (the “Public Improvements”) serving the Project Site (defined below). The Project will be constructed on approximately 30.75 acres located southwest of the intersection of NE Jones Industrial Drive and NE Independence Avenue in Lee’s Summit, Missouri, which is referred to as the “Project Site.”
Proposed City Council Motion:
I move for approval of the Phase II Bond Documents in the amount of $9,975,000 for the Chapter 100 Master Plan for the Lakewood Business Park Industrial Project; North Oak Safety Storage, LLC, (affiliate of Ward Development).
Background:
In July 2023, the City Co...
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