Title
An Ordinance Approving a Plan for a Chapter 100 Project for the Victory Hyundai Project.
(Note: First read by Council on June 3, 2025. Passed by unanimous vote.)
Body
Issue/Request:
This is an incentive request for a 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. The request originally came to the City from Townsend Capital, LLC, as seller to Victory Automotive to operate a Hyundai dealership on the property to deal with unexpected site acquisition costs and public improvement costs.
Key Issues:
The City Council of the City of Lee’s Summit, Missouri (the “City”) will consider approving this Plan and authorizing the issuance by the City 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, and/or its assignees or designees (altogether, the “Company”) as more fully described herein. 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 second reading of An Ordinance Approving a Plan for a Chapter 100 Project for the Victory Hyundai Project.
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 full history of the Sum
The Redevelopment Area of the ...
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