Title
An Ordinance Repealing Ordinance Numbers 7927 and 7928 and Terminating Redevelopment Projects 2A and 2B of the Lee’s Summit East Amended And Restated Tax Increment Financing Plan.
(Note: First read by Council on November 2, 2021. Passed by unanimous vote.)
Body
Issue/Request:
Termination of Redevelopment Projects 2A and 2B of the Lee’s Summit East Amended and Restated Tax Increment Financing Plan for the Summit Place project that was not constructed.
Key Issues:
Termination of the incentives that were previously approved for the Summit Place project, including removal of the Summit Place property from the TIF and CID incentive districts.
Proposed City Council Motion:
I move for adoption of an Ordinance Repealing Ordinance Numbers 7927 and 7928 and Terminating Redevelopment Projects 2A and 2B of the Lee’s Summit East Amended And Restated Tax Increment Financing Plan.
Background:
The Summit Fair Tax Increment Financing Plan (the “TIF Plan”) was originally approved on August 24, 2006 for the Summit Fair shopping center project. The City Council approved the Amended and Restated TIF Plan (the “TIF Plan”) on April 17, 2008 The Redevelopment Area of the TIF Plan was expanded on May 14, 2014 to include the property located to the northeast of the Summit Fair shopping center to include the property north of Ward Road that was planned for a project called “Summit Place.” Summit Place was originally planned to include a Cabella’s store and a Sam’s Club store, along with other retail and commercial uses.
The City executed the Tax Increment Financing Contract with RED LSE, LLC on August 7, 2014 (“TIF Contract”). The TIF Contract includes certain land use restrictions that limit development of the property, including a list of restricted land uses and a prohibition against selling the property to a non-profit entity. TIF revenue collections for the Summit Place project area was activated on July 21, 2016.
The Summit Fair CID was also expanded on May 15, 2...
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