Title
Presentation and consideration of Agreement for Release of Real Estate Purchase Option with Westcott Investment Group for The Grove development project. (Note: This item was TABLED at the October 2, 2018 Council Meeting.)
Body
Issue/Request:
Presentation and consideration of Agreement for Release of Real Estate Purchase Option with Westcott Investment Group for The Grove development project.
Key Issues:
Westcott Investment Group, developer of The Grove at Lee's Summit, is requesting to restructure the existing agreement between Westcott Investment Group and the City of Lee's Summit. Westcott Development and City staff will be providing the Mayor and City Council with a presentation outlining the proposed restructuring and highlight the proposed changes of this restructuring from the existing agreement. The summary of the proposed Agreement for Release of Real Estate Purchase Option would result in the following:
* Westcott Investment would pay the City $1,405,280.00 (City's investment in the property)
* Westcott Investment will dedicate 2 +/- acres to City for future Fire Station or other use(s) as City determines appropriate
* After payment and dedication of property to City - City will release the existing Option Agreement and no special conditions or restrictions other than the City's customary zoning and land use regulations will apply.
Revisions for October 16th meeting
At the October 2nd meeting, the Council raised the concern that if the Agreement was approved as originally presented and the City’s right to repurchase the property is eliminated, Westcott might fail to undertake any development on the property and instead sell the property for a profit. Based on this concern, the following additional provisions have been added to the Agreement to address this concern:
Profit Sharing Provision: If any portion or all of the Property is sold after this Agreement is executed and before Westcott receives one or more certificates of occup...
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