Title
An Ordinance approving a plan for an industrial development project and authorizing the City of Lee’s Summit, Missouri to issue taxable industrial development revenue bonds in a principal amount not to exceed $79,650,000 in connection with the Mid-States project and authorizing certain documents and actions in connection therewith.
Body
Issue/Request:
This is an incentive request for a proposed approximately $80 million expansion of the warehouse and distribution facility to be operated by Summit DC Real Estate Holdings, LLC, a subsidiary of Mid-States Distributing, LLC, on approximately 79 acres located at 420 SE Thompson Drive. Historically, the property is known as the location of the former Toys-R-Us distribution facility.
Key Issues:
The City Council of the City of Lee’s Summit, Missouri (the “City”) will consider an ordinance
approving this Chapter 100 Plan and authorizing the issuance by the City of its taxable industrial development revenue bonds in the aggregate principal amount of not to exceed $79,650,000, in one or more series (the “Bonds”), to finance costs of an industrial development project (the “Project”) for Summit DC Real Estate Holdings, LLC, or its assignees or designees (the “Company”), which is a special purpose entity affiliated with Mid-States Distribution, LLC. 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”).
Background:
Based on information supplied by the applicant, Summit DC Real Estate Holdings, LLC, is a limited liability company organized and existing under the laws of the State of Delaware and is affiliated with Mid-States Distributing LLC (“Mid-States”). Mid-States is headquartered in Fort Worth, Texas, and operates a network of farm, ranch and home retailers serving 32 states, with over 700 store locations. The Company operates a distribut...
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