Title
An Ordinance approving the Streets of West Pryor Transportation Development District Cooperative Agreement among Streets of West Pryor, LLC, the City of Lee’s Summit, Missouri, and the Streets of West Pryor Transportation Development District.
(Note: First Reading by City Council on January 8, 2019.)
Body
Issue/Request:
Ordinance to approve the Streets of West Pryor TDD Cooperative Agreement
Key Issues:
The TDD Agreement will implement the Streets of West Pryor TDD.
Proposed City Council Motion:
I move for adoption of an Ordinance Approving the Streets of West Pryor Transportation Development District Cooperative Agreement Among the Streets of West Pryor, LLC, the City of Lee's Summit, Missouri, and the Streets of West Pryor Transportation Development District.
Background:
A memorandum from the Law Department provides a summary of the Agreement, portions of which are repeated here:
Sales Tax Rate:
The TDD will impose a 0.5% sales tax on all retail sales in the project area.
Administrative Costs:
The TDD will be able to fund administrative costs in an amount not to exceed $25,000 for the operation of the district. City will receive actual costs for the administrative services performed by the City, up to an annual maximum of $5,000.
Collection and Distribution of District Sales Taxes:
The sales tax revenues for the TDD will be remitted to the Department of Revenue by each business in the district area. The revenues will then be transferred by wire from DOR to the City. The City Finance Department will distribute the revenues in accordance with the cooperative agreement and the appropriate provision of bond documents if bonds are issued. There general order of distribution will be first pulling 50% of the district revenues into the TIF Special Allocation Fund, and then paying for administrative costs and distributing the remainder to the bond trustee (if bonds have been issued) or to the Developer for reimbursement of eligible Reimbursable Proje...
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