Title
An Ordinance approving the issuance of a Certificate of Qualification to K&R Wholesale Building Materials, Inc., for a project at 1460 SE Broadway Drive, Lee’s Summit. Missouri, pursuant to the Land Clearance For Redevelopment Authority law.
(Note: First read by Council on November 12, 2024. Passed by unanimous vote.)
Body
Issue/Request:
This ordinance approves an application for a certificate of qualification to provide tax abatement at 100% abatement of the incremental increase in land valuation for five (5) years for the proposed project to be undertaken by the applicant K&R Wholesale Building Materials (“Developer”), to be located at 1460 SE Broadway, Lee’s Summit, Missouri.
Key Issues:
Mr. Kevin Higdon with Developer is pursing the construction of a new 21,250 sq. ft. industrial space building on property located at 1460 SE Broadway in Lee's Summit, Missouri. The property is currently zoned PI (Planned Industrial) and sits on 1.89 acres. Mr. Higdon is requesting the abatement of the incremental increase in real property taxes afforded through the Land Clearance for Redevelopment Authority (LCRA) Act. K&R Wholesale Building Materials intends to occupy the building, and currently operates from a location in Kearney, Missouri.
The LCRA Certificate of Qualification Project Application Area is located within the “US 50 / M-291 Highway Urban Renewal Area” which was approved in June 2014 by the City Council and adopted by Ordinance 7472, which determined that certain real property within the Missouri Highway 291 and US Highway 50 corridors was blighted and designated a land clearance for redevelopment authority urban renewal area.
The LCRA Certificate of Qualification application was filed with the City Clerk on September 4, 2024 by Developer. The request is 100% property tax abatement on the incremental increase in value of the project over a 5-year period.
On October 2, 2024, the LCRA Board of Commissioners opened and held a public hearing to co...
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