Title
An Ordinance approving a Cooperative Funding Agreement for the construction and dedication of a Welcome monument sign by and between the City of Lee's Summit, Missouri, and the Industrial Development Authority of the City of Lee's Summit, Missouri.
Body
Issue/Request:
The City wishes to construct a “Welcome To” monument sign that will identify the entrance to the City of Lee’s Summit at a point at or near the east side of highway 291, just north of route 150, with this monument sign and associated improvements to be designed after public input, consultation with the Industrial Development Authority (IDA), and approval of City Council; this monument sign, and all associated improvements, including all work necessary for the design, engineering and construction of said monument sign and improvements.
The Project is to be located within highway right-of-way controlled by the State of Missouri near the intersection of highway 291 and route 150.
The City has allocated funds, and the IDA wishes to match those funds for the purpose of funding costs associated with the design, engineering, and construction of the Project (the “Project Costs”). The City has contributed Three Hundred Thousand Dollars ($300,000.00) for Project costs and the IDA wishes to donate matching funds of One Hundred Thousand Dollars ($100,000.00) towards said costs (all funds for the purpose of funding the Project, including the matching funds to be donated by the IDA, are collectively referred to as the “Contributed Funds”);
Proposed City Council Motion:
FIRST MOTION: I move for second reading of an Ordinance approving a Cooperative Funding Agreement for the construction and dedication of a Welcome monument sign by and between the City of Lee's Summit, Missouri, and the Industrial Development Authority of the City of Lee's Summit, Missouri.
Presenter
Erin Kelly, Staff Attorney
Sean Marshall, Graduate Fellow
Recommendation
Staff recommends approval.