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 $33,775,000 in connection with Project Kings and authorizing certain documents and actions in connection therewith.
(Note: First read by Council on October 6, 2026. Passed by unanimous vote.)
Body
Issue/Request:
The request is being made by Graham Packaging Company ("the Company") to open new operations in approximately 215,000 square feet of existing industrial space in the Lee’s Summit Commerce Center, Building A, located at 1100 NW Main Street. The project is expected to cost approximately $33,775,000. The Project to be financed by the Bonds consists of manufacturing and ancillary equipment, with a new equipment investment of approximately $23,000,000 and relocation of equipment with a depreciated value of approximately $10,700,000.
Key Issues:
Evaluation of a request for incentives in the form of:
1) Personal property tax abatement through Chapter 100 in the amount of 75% of the assessed value of new personal property only (as determined by the County) for five years
2) Personal property tax abatement through Chapter 100 in the amount of 75% of the assessed value of relocated personal property only (as determined by the County) for five years, to be installed in two installments.
Proposed City Council Motion:
I move for adoption of an ordinance approving a Plan for an industrial development project; authorizing the City of Lee’s Summit, Missouri to issue taxable industrial development revenue bonds in a principal amount not to exceed $33,775,000 in connection with Project Kings; and authorizing certain documents and actions in connection therewith.
Background:
The project is expected to be located within Building A of Lee's Summit Commerce Center. Lee's Summit Commerce Center is part of an existing Master Plan for Lee's Summit Logistics Park...
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