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 $13,400,000 in connection with the Victory Hyundai Project; and authorizing certain documents and actions in connection therewith.
Body
Issue/Request:
This is an ordinance to approve the bond transaction and bond documents associated with implementation of the proposed $13,400,000 Hyundai dealership which would be located at 1231 NW Ward Road, which is to the northeast of Summit Fair and north of the Summit Tech campus.
Key Issues:
The City Council of the City of Lee’s Summit, Missouri (the “City”) is considering the issuance of its taxable industrial development revenue bonds in the aggregate principal amount of not to exceed $13,400,000 (the “Bonds”), to finance costs of an automobile dealership and related improvements (the “Project”) for Premier RE of Lee’s Summit LLC, a Missouri limited liability company (the “Company”). The 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”).
Proposed City Council Motion:
I move for a first reading of An Ordinance authorizing the City of Lee’s Summit, Missouri to issue Taxable Industrial Development Revenue Bonds in a principal amount not to exceed $13,400,000 in connection with the Victory Hyundai Project; and authorizing certain documents and actions in connection therewith.
Background:
History of Prior Proposed Development and Prior Incentives
This property has an extensive history regarding incentives for development that did not occur.
The Summit Fair Tax Increment Financing Plan was originally approved on August 24, 2006 for the Summit Fair shopping center project. The City Council approved the Amended and Restated TIF Plan (the “TIF Plan”) on April 17, 2008.
The Redevelopment Area o...
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