Title
AN ORDINANCE APPROVING THE SALE OF AN IMPROVED LOT LEGALLY DESCRIBED AS LOT 9B, RITTER PLAZA LOT 9A AND LOT 9B, A SUBDIVISION IN LEE’S SUMMIT, JACKSON COUNTY, MISSOURI, FROM HB SUMMIT, LLC, TO VEREIT REAL ESTATE, L.P., AND AUTHORIZATION TO ENTER INTO A TRANSFEREE AGREEMENT BETWEEN VEREIT REAL ESTATE, L.P., HB SUMMIT, LLC, AND THE CITY OF LEE'S SUMMIT. (F&BC 12-4-17)
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Proposed Council Motion:
FIRST MOTION: I move for second reading of AN ORDINANCE APPROVING THE SALE OF AN IMPROVED LOT LEGALLY DESCRIBED AS LOT 9B, RITTER PLAZA LOT 9A AND LOT 9B, A SUBDIVISION IN LEE’S SUMMIT, JACKSON COUNTY, MISSOURI, FROM HB SUMMIT, LLC, TO VEREIT REAL ESTATE, L.P., AND AUTHORIZATION TO ENTER INTO A TRANSFEREE AGREEMENT BETWEEN VEREIT REAL ESTATE, L.P., HB SUMMIT, LLC, AND THE CITY OF LEE'S SUMMIT
SECOND MOTION: I move for adoption of AN ORDINANCE APPROVING THE SALE OF AN IMPROVED LOT LEGALLY DESCRIBED AS LOT 9B, RITTER PLAZA LOT 9A AND LOT 9B, A SUBDIVISION IN LEE’S SUMMIT, JACKSON COUNTY, MISSOURI, FROM HB SUMMIT, LLC, TO VEREIT REAL ESTATE, L.P., AND AUTHORIZATION TO ENTER INTO A TRANSFEREE AGREEMENT BETWEEN VEREIT REAL ESTATE, L.P., HB SUMMIT, LLC, AND THE CITY OF LEE'S SUMMIT.
Background Information:
The City approved and entered into a Tax Increment Financing Contract with Ritter Plaza, LLC for the Ritter Plaza Tax Increment Financing Plan. The Contract and Plan require that subsequent transfers of property within the TIF area be approved by City Council and that all Transferee owners execute a Transfer Agreement or Contract that accepts the requirements and duties of the TIF Contract and Plan.
Council approved the transfer of Lot 9B of the Ritter Plaza Lot 9A and Lot 9B Subdivision on March 16, 2017, from Ritter Plaza, LLC to HB Summit, LLC by passage of Ordinance No. 8120. At that same meeting Council also approved veterinary clinic and pet grooming services as additional uses if they were part of the operation of a stand alone pet sto...
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