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AN ORDINANCE AUTHORIZING THE ISSUANCE OF SPECIAL OBLIGATION TAX INCREMENT AND SPECIAL DISTRICT REFUNDING AND IMPROVEMENT BONDS (SUMMIT FAIR PROJECT), SERIES 2017 OF THE CITY OF LEE’S SUMMIT, MISSOURI, AND AUTHORIZING CERTAIN OTHER ACTIONS IN CONNECTION WITH THE EXECUTION AND DELIVERY OF THE BONDS. (F&BC 12-4-17)
THIS ITEM WAS A DUPLICATE OF BILL NO. 17-261. COUNCIL READ AND APPROVED BILL NO. 17-261 SO THIS ONE WILL END AT APPROVAL AT COMMITTEE.
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The City is authorized and empowered under its Charter and the Revised Statutes of Missouri, as amended, to issue bonds for the purpose of providing funds to finance the costs of certain redevelopment projects, to refund the bonds validly issued for such purposes and to pay certain costs related to the issuance of such bonds
The City has (a) approved a plan for redevelopment known as the “Lee’s Summit East Amended and Restated Tax Increment Financing Plan” (as amended, the “Redevelopment Plan”) for certain areas described therein, including an area designated and described in the Redevelopment Plan as “Project Area 1” and “Project Area 5” (together, the “Redevelopment Area”), (b) designated the Redevelopment Area, along with other property described in the Redevelopment Plan, as a “blighted area” within the meaning of the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865, inclusive, of the Revised Statutes of Missouri, as amended (the “TIF Act”), (c) approved projects and adopted tax increment financing for Project Area 1 and Project Area 5, and (d) designated RED Lee’s Summit East, LLC, a Missouri limited liability company (the “Developer”), as the developer to implement the Redevelopment Plan with respect to the Redevelopment Area.
On May 27, 2008, the City and the Developer entered into an Amended and Restated Tax Increment Financing Contract (as amended, the “Redevelopment Agreement”), which provides for the funding and financing of certain Reimbursable Project Costs...
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