Title
AN ORDINANCE RESCINDING ORDINANCE NO. 8094 AND APPROVING A DEVELOPMENT AGREEMENT AND LAND CLEARANCE FOR REDEVELOPMENT AUTHORITY REDEVELOPMENT PROJECT, BRIDGE SPACE PROJECT, PURSUANT TO THE PROVISIONS OF THE LAND CLEARANCE FOR REDEVELOPMENT AUTHORITY LAW, SECTIONS 99.300 TO 99.660 RSMo.
Body
Issue/Request:
AN ORDINANCE RESCINDING ORDINANCE NO. 8094 AND APPROVING A DEVELOPMENT AGREEMENT AND LAND CLEARANCE FOR REDEVELOPMENT AUTHORITY REDEVELOPMENT PROJECT, BRIDGE SPACE PROJECT, PURSUANT TO THE PROVISIONS OF THE LAND CLEARANCE FOR REDEVELOPMENT AUTHORITY LAW, SECTIONS 99.300 TO 99.660 RSMo.
Key Issues:
The attached ordinance will rescind previously adopted Ordinance No. 8094 and establish a different methodology to achieve a level of incremental property tax abatement commensurate with that which was previously approved by Ordinance No. 8094. In addition, the proposed ordinance approves a development agreement containing performance standards by which the level of abatement may be adjusted.
The ordinance is placed on the agenda for first reading only.
Proposed City Council Motion:
AN ORDINANCE RESCINDING ORDINANCE NO. 8094 AND APPROVING A DEVELOPMENT AGREEMENT AND LAND CLEARANCE FOR REDEVELOPMENT AUTHORITY REDEVELOPMENT PROJECT, BRIDGE SPACE PROJECT, PURSUANT TO THE PROVISIONS OF THE LAND CLEARANCE FOR REDEVELOPMENT AUTHORITY LAW, SECTIONS 99.300 TO 99.660 RSMo. - I move for second reading.
Background:
December 8, 2016 - the City Council adopted Ordinance #8038 approving Cowork-Lee's Summit Preliminary Development Plan. The location of the redevelopment project is within the existing Downtown LCRA Urban Renewal Area known as "Project No. MO-R-47 Lee's Summit, Missouri" Urban Renewal Area.
January 5, 2017 - SF003, LLC presented a conceptual economic incentive request to the City Council in accordance with the adopted Economic Development Incentive Policy and received direction from the City Council to proceed with the request through the LCRA process.
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