Title
An Ordinance approving a Cooperative Agreement by and among the City of Lee’s Summit, Missouri, and Land Reserve, Inc., for the Todd George Parkway Project.
Body
Issue/Request:
This ordinance will approve a Cooperative Agreement between the City and Land Reserve to facilitate the design, engineering and construction of the Todd George Parkway Project by Land Reserve which is located primarily on property owned today by Property Reserve, Inc., and which will be transferred to Land Reserve for development.
Key Issues:
Agreement governing the funding, design, engineering and construction of the Todd George Parkway project in the northern area of approximately 1000 acres of Property Reserve property.
Proposed City Council Motion:
I move for second reading of An Ordinance Approving a Cooperative Agreement by and among the City of Lee’s Summit, Missouri, and Land Reserve, Inc., for the Todd George Parkway Project.
Background:
On March 26, 2024, the City Council heard a presentation from City staff and representatives of Land Reserve, Inc., a Utah corporation (“LR”), regarding the development of approximately 4,203 acres of property within the City (collectively the “Property”). LR 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, LR intends to sell such portions of the Property to third parties for usage and development.
The City Council approved Ordinance No. 9888 on April 9, 2024, which led to the execution of the Memorandum of Understanding between Suburban Land Reserve, Inc., and the City (the “MOU”). The purpose of the MOU is to coordinate for 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 Pro...
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