Title
An Ordinance approving a Funding Agreement between the City of Lee's Summit, Missouri and Streets of West Pryor, LLC and authorizing the Mayor to execute said agreement on behalf of the City.
(Note: First Reading by City Council on August 23, 2018. Passed by unanimous vote.)
Body
Issue/Request:
An Ordinance approving a Funding Agreement between the City of Lee's Summit, Missouri and Streets of West Pryor, LLC and authorizing the Mayor to execute said agreement on behalf of the City.
Key Issues:
Streets of West Pryor, LLC (“Developer”) is pursuing the redevelopment of the property located west of Pryor Road adjacent to I-470 and near Chipman Road. In pursuing this redevelopment, Developer is seeking an incentive request to assist with eligible project costs. The incentive request may include tax increment financing, a community improvement district, a transportation development district, Chapter 100 tax abatement, and dedication of certain City sales tax revenues including hotel tax revenues. In accordance with the City's adopted Economic Development Policy, Developer desires to enter into this funding agreement to pursue the Tax Increment Financing (TIF) Plan approval and other economic development incentives.
The City enters into these funding agreements to finance outside legal, fiscal, planning, engineering and consulting costs incurred by the City to process the request and utilizes the deposited funds to fund such costs.
Proposed City Council Motion:
I move for adoption of An Ordinance approving a Funding Agreement between the City of Lee's Summit, Missouri and Streets of West Pryor, LLC and authorizing the Mayor to execute said agreement on behalf of the City.
Background:
Streets of West Pryor is pursuing the redevelopment of the property described above. A conceptual economic development incentive request was being presented on the June 28, 2018 City Council agenda outlining the proposed redevelopment project and the scope of potential in...
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