Title
An Ordinance authorizing The City of Lee’s Summit, Missouri to make certain changes with respect to the Chapter 100 Bond Documents to be executed in connection with the Lakewood Business Park Project (Building 2).
(NOTE: First read by Council on September 1, 2026. Passed by unanimous vote.)
Body
Issue/Request:
This request stems from the approval of the Master Plan for an Industrial Development Project and Cost-Benefit Analysis for the Lakewood Business Park Project. As a part of that approval, the City Council agreed to authorize the issuance of taxable industrial development revenue bones to finance costs of the industrial project for North Oak Safety Storage, LLC, which is an affiliate of Ward Development. The Phase II 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”).
The Building 2 Project size has decreased from 60,000 square feet to 44,500 square feet. This change in building size requires adjustments to previously approved documents related to the furtherance of the Master Plan for an Industrial Development Project and Cost-Benefit Analysis for the Lakewood Business Park Project.
Key Issues:
An updated Payment in Lieu of Taxes (PILOT) Payment Schedule is included as Exhibit A in the proposed ordinance.
Proposed City Council Motion:
Second Motion: I move for adoption AN ORDINANCE AUTHORIZING THE CITY OF LEE’S SUMMIT, MISSOURI TO MAKE CERTAIN CHANGES WITH RESPECT TO THE CHAPTER 100 BOND DOCUMENTS TO BE EXECUTED IN CONNECTION WITH THE LAKEWOOD BUSINESS PARK PROJECT (BUILDING 2).
Background:
The City has previously approved the Master Plan for an Industrial Development Project and Cost-Benefit Analysis for the Lakewood Business Park Project (the “Master Plan”) which provides for the issuance of not-to-exceed $78,325,000 of industrial development revenue bonds by the C...
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