Title
AN ORDINANCE APPROVING A TAX INCREMENT FINANCING FUNDING AGREEMENT BETWEEN THE CITY OF LEE’S SUMMIT, MISSOURI AND PARROT PROPERTIES, INC. AND AUTHORIZING THE CITY MANAGER TO EXECUTE SAID AGREEMENT ON BEHALF OF THE CITY.
Body
Issue/Request:
AN ORDINANCE APPROVING A TAX INCREMENT FINANCING FUNDING AGREEMENT BETWEEN THE CITY OF LEE’S SUMMIT, MISSOURI AND PARROT PROPERTIES, INC. AND AUTHORIZING THE CITY MANAGER TO EXECUTE SAID AGREEMENT ON BEHALF OF THE CITY.
Key Issues:
In January of 2017 Parrot Properties, Inc. (Developer) began discussions with staff to pursue a Tax Increment Financing (TIF) Plan for the Village at View High mixed-use development. Since this time, the Developer continued to refine the TIF Plan and has submitted a TIF Plan application which is currently scheduled to go before the TIF Commission on May 30, 2017.
In accordance with the City's Economic Development Incentive Policy, the Developer desires to enter into this funding agreement to pursue the TIF Plan approval and execution of a TIF Contract for the Village at View High development.
The level of incentive requested does not exceed the 25% guideline of public incentive compared to total private development cost, therefore a conceptual economic development incentive request is not required to presented to the City Council prior to proceeding through the incentive consideration process.
Proposed City Council Motion:
First motion: AN ORDINANCE APPROVING A TAX INCREMENT FINANCING FUNDING AGREEMENT BETWEEN THE CITY OF LEE’S SUMMIT, MISSOURI AND PARROT PROPERTIES, INC. AND AUTHORIZING THE CITY MANAGER TO EXECUTE SAID AGREEMENT ON BEHALF OF THE CITY, I move for second reading.
Second motion: AN ORDINANCE APPROVING A TAX INCREMENT FINANCING FUNDING AGREEMENT BETWEEN THE CITY OF LEE’S SUMMIT, MISSOURI AND PARROT PROPERTIES, INC. AND AUTHORIZING THE CITY MANAGER TO EXECUTE SAID AGREEMENT ON BEHALF OF THE CITY, I move for adoption.
Background:
On October 20, 2016 the City Council adopted...
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