Title
An Ordinance approving Redevelopment Project J1 for the New Longview Tax Increment Financing Plan and activating the collection of Tax Increment Financing revenues therein.
(Note: First reading by Council on April 2, 2019)
Body
Issue/Request:
An Ordinance approving Redevelopment Project J1 for the New Longview Tax Increment Financing Plan and activating the collection of Tax Increment Financing revenues therein.
Key Issues:
Adoption of this ordinance will approve the activation of Redevelopment Project J1 for the New Longview TIF Plan.
Proposed City Council Motion:
I move for adoption of an Ordinance approving Redevelopment Project J1 for the New Longview Tax Increment Financing Plan and activating the collection of Tax Increment Financing revenues therein - I move for adoption.
Background:
The New Longview Tax Increment Financing Plan was approved by the Lee's Summit City Council on December 21, 2015. On that same date, 15 project ordinances were introduces for the original 15 separate redevelopment project areas in which TIF revenues may be collected as the properties develop. On April 2, 2019, the City Council adopted the Second Amendment to the New Longview TIF Plan which adjusted certain redevelopment project areas and also introduced by first reading, Bill No. 19-84 pertaining to Redevelopment Project J1. Redevelopment Project J1 includes the development of the Primrose School of Lee's Summit at Longview which is currently under construction. The property is now ready for TIF project activation to establish the base for the collection of TIF revenues for this property.
Presenter
David Bushek, Chief Counsel of Economic Development & Planning
Mark Dunning, Assistant City Manager
Recommendation
Recommendation:
Staff recommends adoption of the ordinance.
Committee Recommendation
Committee Recommendation:
The TIF Commission by a vote of 7-0 recommended approval of this ordinance on February 27, 2019 through the adoption of TIF Commission Resolution 19-01.