Title
An Ordinance approving Amendment No. 12 to the Budget for the Fiscal Year ending June 30, 2021 as adopted by Ordinance No. 8905 and Ordinance No. 8906, by allocating funds derived from the sale of surplus property from the General Fund unallocated fund balance to the Downtown Market Plaza project fund for the City of Lee's Summit, Missouri. (F&BC 4/12-21)
Body
Issue/Request:
If approved, this Budget Amendment would transfer funds derived from the sale of surplus City property in the amount of $3,530,000 from the General Fund unallocated fund balance to a dedicated fund established to pursue the Downtown Market Plaza redevelopment project.
Key Issues:
Since 2015, the City has declared a number of City owned parcels as "surplus property" and offered the properties for sale through public processes or to adjoining property owners. A list of those properties is provided below:
Arnold Hall (2015) - now 3rd Street Social
Oldham Parkway remnant property (2015) - now part of Aristocrat Motors
Old Fire Station #2 (2015) - now part of Paradise Park
Market Center (2017) - now Local Foundery
Morningside remnant property (2017) - now part of Morningside Business Center
Lee's Summit & Douglas Road remnant property (2017) - undeveloped property sold to adjacent property owner to combine for future commercial development
Pryor Road & I-470 property (2018) - now part of Streets of West Pryor
Grove - release of option (2019) - undeveloped property for future mixed-use development
Total of revenues from the above listed transactions: $6,655,719.48
Acquisition of property for Downtown Market Plaza (expenditure): $3,125,000
Total remaining funds after property acquisition: $3,530,719.48
The transfer of these funds to the Downtown Market Plaza project fund would dedicate this funding toward the redevelopment project.
In April of 2013 voters approved a General Obligation Bond which included a targeted amount of $600,000 for a downtown outdoor performance and festival s...
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