Title
An Ordinance approving a Sanitary Sewer Cost-Sharing agreement between North Oak Safety Storage, LLC, and the City of Lee’s Summit, Missouri, for the Lakewood Business Center Industrial Development Project
(Note: First read by Council on May 20, 2025. Passed by unanimous vote.)
Body
Issue/Request:
This is a Sanitary Sewer Cost-Sharing Agreement for the Lakewood Business Center Industrial Development Project. The Council approved the Chapter 100 Plan for this project on August 22, 2023 through the adoption of Ordinance No. 9560, and this ordinance will approve an agreement to implement the sewer cost sharing arrangement for the City and the Project.
Key Issues:
Consideration of the Sanitary Sewer Cost-Sharing Agreement with North Oak Safety Storage, LLC.
Proposed City Council Motion:
I move for adoption of An Ordinance authorizing the City of Lee's Summit, Missouri to enter into a Sanitary Sewer Cost-Sharing Agreement with North Oak Safety Storage, LLC, for the Lakewood Business Center Industrial Development Project.
Background:
On August 22, 2023, the Council held a public hearing to consider the approval of a Master Plan for an Industrial Development Project and Cost-Benefit Analysis for the Lakewood Business Park Project and authorizing the issuance by the City of its taxable industrial development revenue bonds in the aggregate principal amount of not to exceed $78,325,000 to finance costs of the industrial project for North Oak Safety Storage, L.L.C., which is an affiliate of Ward Development. The project consists of up to eight buildings and related public improvements with a combined square footage of approximately 400,000 square feet, each of which will be used for warehousing, distribution, manufacturing and/or industrial flex space purposes (the “Project”).
Additionally, the Project includes the construction and installation of streets, sanitary sewer lines and other public utilities (the “Public Improvements”) serving the site. The Pro...
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