Title
A Resolution of the Lee's Summit Tax Increment Financing Commission recommending that the City Council approve the Oldham Village Tax Increment Financing Plan and take Other Actions in Connection with Implementation of the Plan.
Body
Issue/Request:
This is a Resolution which recommends approval of the Oldham Village TIF Plan.
Key Issues:
Recommendation for the Oldham Village TIF Plan.
Proposed TIF Commission Motion for Resolution:
I move to approve Resolution 2024-1.
Background:
Oldham Investors, LLC, has filed a TIF Plan with the City to provide incentives for the redevelopment of the property that was formerly used as the ADESA Auto Auction site.
Impact/Analysis:
The Cost Benefit Analysis in the packet provide a comprehensive review of the tax benefits to all taxing districts as a result of the TIF Plan. The presentation slides and other supporting material in the meeting packet provide a detailed analysis of the TIF Plan.
Timeline:
Start: 4th quarter 2024
Finish: Determined by market conditions
Presenter
David Bushek, Chief Counsel of Economic Development & Planning.
Matt Pennington, Oldham Investors, LLC, and other developer team members.