Title
An Ordinance approving the Road Relinquishment Agreement with the Missouri Highways and Transportation Commission, and a Road Maintenance Agreement with Oldham Investors, LLC, to facilitate the Oldham Village Redevelopment Project.
(Note: First read by Council on September 24, 2024. Passed by unanimous vote.)
Body
Issue/Request:
Approval of an ordinance to facilitate the relocation of Oldham Road in the proposed Oldham Village Project.
Key Issues:
In association with the Oldham Village Development, located at the former Adesa Auto Auction Site at the southwest corner of M291 Highway and US50 Highway South Junction and along Oldham Road, Oldham Road will be relocated between Jefferson Street and Allendale Blvd. Existing Oldham Road within the Oldham Village Development will be obliterated and excess MHTC (MoDOT) property conveyed to the Oldham Village Development owner/developer in agreements between MHTC and owner/developer.
As a condition of the property conveyance between MHTC and Oldham Village Development, the City must accept ownership of relocated Oldham Road and the part of Oldham Road between Allendale Blvd. and relocated Oldham Road. The Road Relinquishment Agreement relinquishes that part of Oldham Road between Allendale Blvd. and relocated Oldham Road from MHTC (MoDOT) to the City. The Road Maintenance Agreement provides security to the City for executing the Relinquishment Agreement prior to the time that the City Council has approved the other applications for the Project.
Proposed City Council Motion:
I move for second reading of An Ordinance Approving the Road Relinquishment Agreement with the Missouri Highways and Transportation Commission, and a Road Maintenance Agreement With Oldham Investors, LLC, to Facilitate the Oldham Village Redevelopment Project.
Background:
On May 14, 2024, the City Council heard a conceptual presentation from Oldham Investors, LLC, which is a single purpose entity created by Drake Development. Inc. (“Dev...
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