Title
Presentation: Memorandum of Understanding between Suburban Land Reserve, Inc., and the City of Lee's Summit for Development of Land Owned by Property Reserve, Inc.
Body
Issue/Request:
This presentation is to summarize the Memorandum of Understanding between the City and Suburban Land Reserve, Inc. (“SLR”).
Key Issues:
Long-term land-use planning and infrastructure financing for over 4,200 acres of property in the City.
Background:
SLR’s affiliate, Property Reserve, Inc., a Utah corporation (“PRI”), owns approximately 4,203 acres of property within the City (the “Property”). SLR is under contract to purchase certain portions of the Property and anticipates purchasing the balance of the Property over time; after purchasing any portion of the Property, SLR intends to sell such portions of the Property to third parties for usage and development.
SLR and the City seek to coordinate regarding the planning, platting and zoning for development of the Property and the establishment of a financing plan for financing the construction of public infrastructure to serve development of the Property, as well as the attraction and inducement of certain private development to the Property. The Parties also seek to coordinate for the acquisition of portions of the Property for public institutional uses by the City and other governmental entities as the Property develops over time.
Impact/Analysis:
Through this MOU, the Parties seek to implement several of the purposes of the City’s Unified Development Ordinance (the “UDO”) as set forth in Section 1.040 of the UDO, including:
- A system of quality retail and commercial development that provides local residents with needed goods and services and enhances the City's tax base.
- A balanced transportation system that provides for safe and efficient movement of vehicles and pedestrians while re-enforcing surrounding land development patterns and that enhances and complements regional transportation facilities.
- Publi...
Click here for full text