Title
An Ordinance Approving the Development Services Agreement between the City of Lee’s Summit, Missouri and Lane4 Property Group, Inc., for the Downtown Market Plaza Project
(Note: First read by Council on September 6, 2022. Passed by unanimous vote.)
Body
Issue/Request:
Development Agreement to establish the contractual relationship with Lane4 Property Group, Inc., for construction of the Public Improvements for the Downtown Market Plaza Project.
Key Issues:
Approval of a Development Agreement with Lane4 for the company to provide services for construction of the public improvements for the Project.
Proposed City Council Motion:
I move for adoption of an Ordinance Approving the Development Agreement between the City of Lee’s Summit, Missouri and Lane4 Property Group, Inc., for the Downtown Market Plaza Project
Background:
On April 20, 2021, the City Council passed Ordinance No. 9123 which approved a Development Structure Agreement for the Downtown Market Plaza Project (the “Downtown Project”) between the City, Lane4 Property Group, Inc. (the “Developer”) and Biederman Redevelopment Ventures (“BRV”). That Agreement was executed on May 21, 2021.
On April 20, 2021, the City Council also passed Ordinance No. 9124 which approved Amendment #12 to the Fiscal Year 2022 City Budget. This ordinance appropriated $3,530,000 to the Green Street Improvements Fund for the Downtown Project, from funds previously accumulated by the City from the sale of surplus property and the release of a property acquisition option.
On May 3, 2021, the City Council approved Ordinance No. 9142, which approved a Cooperative Agreement between the City and the Downtown Lee’s Summit Community Improvement District for the Downtown Project. That Cooperative Agreement established the contractual relationship between the City and the CID for the CID’s formal participation in the Downtown Project. Under this Cooperative Agreement, the CID has committed $120,000 for the design and ...
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