Title
An Ordinance approving the Redevelopment Contract and the Lease Agreement between the City of Lee’s Summit, Missouri, and Lee’s Summit Senior Community, LLC, to implement The Land Clearance For Redevelopment Authority Redevelopment Plan for the Princeton Redevelopment Area.
(Note: First reading by Council on September 3, 2019. Passed by unanimous vote.)
Body
Issue/Request:
Approval of an Ordinance approving the Redevelopment Contract and the Lease Agreement between the City of Lee’s Summit, Missouri, and Lee’s Summit Senior Community, LLC, to implement The Land Clearance For Redevelopment Authority Redevelopment Plan for the Princeton Redevelopment Area.
Key Issues:
This is an Ordinance approving the Redevelopment Contract and the Lease Agreement between the City of Lee’s Summit, Missouri, and Lee’s Summit Senior Community, LLC, to implement The Land Clearance For Redevelopment Authority Redevelopment Plan for the Princeton Redevelopment Area.
Proposed City Council Motion:
I move for adoption of an Ordinance approving the Redevelopment Contract and the Lease Agreement between the City of Lee’s Summit, Missouri, and Lee’s Summit Senior Community, LLC, to implement The Land Clearance For Redevelopment Authority Redevelopment Plan for the Princeton Redevelopment Area.
Background:
The City Council approved the Redevelopment Plan on July 16, 2019 through the adoption of Ordinance No. 8675. The Redevelopment Area contains approximately 37 acres at the southeast quadrant of Ranson Road and Highway 50. The Redevelopment Plan allows the applicant to receive sales tax exemption on the purchase of construction materials for a senior care facility that is approved for the eastern 12 acres of the Redevelopment Area. This is estimated to provide about $752,000 in savings on a $35.5 million project, which is a 2.1% incentive.
A 12-acre parcel for the senior care facility is being purchased by Lee’s Summit Senior Community, LLC (the “Developer”), a single purpose...
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