Title
Presentation: Conceptual Economic Development Incentive Request for Hyundai Automotive Dealership at 1231 NW Ward Road; Victory Hyundai of Lee’s Summit, applicant
Body
Issue/Request:
This is an incentive request for a proposed 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 comes 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:
Conceptual presentation to receive feedback on the incentive request under the City's Economic Development Incentive Policy. The applicant is making this request for assistance with unexpected site development costs and public improvement costs.
Background:
This property has an extensive history regarding incentives for development that did not occur.
The Summit Fair Tax Increment Financing Plan (the “TIF 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 TIF Plan was expanded on May 14, 2014 to include the property located to the northeast of the Summit Fair shopping center to include the property north of Ward Road that was planned for a project called “Summit Place.” Summit Place was originally planned to include a Cabella’s store and a Sam’s Club store, along with other retail and commercial uses.
The City executed the Tax Increment Financing Contract with RED LSE, LLC on August 7, 2014 (“TIF Contract”). The TIF Contract includes certain land use restrictions that limit development of the property, including a list of restricted land uses and a prohibition against selling the property to a non-profit entity. TIF revenue collections for the Summit Place project...
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