Title
An Ordinance approving the Cooperative Agreement among the City of Lee’s Summit, Missouri, the New Longview Community Improvement District and M-III Longview, LLC. (Note: First reading by Council on December 3, 2019.)
Body
Issue/Request:
An Ordinance approving the Cooperative Agreement for the New Longview Community Improvement District to provide for implementation of the District.
Key Issues:
Implementation of the CID which has already been approved by the City Council.
Proposed City Council Motion:
I move for adoption of an Ordinance Approving the Cooperative Agreement among the City Of Lee’s Summit, Missouri, the New Longview Community Improvement District and M-III Longview, LLC.
Background:
Developer M-III Longview, LLC (“Developer”), along with several other property owners in the Longview area, filed a Petition for the formation of a new CID in the Longview area which was approved by Ordinance No. 8557 on February 19, 2019. The City Council had previously approved two TIF plans (2003 and 2015) and a transportation development district (2003) in the Longview area.
The CID will impose a new 1% sales tax on the commercial retail businesses in the Longview area. The CID is planned to fund the following public improvements and associated soft costs in the combined total of about $5.5M over the life of the CID:
· Activity Plaza west of the theater
· Traffic Signal at 3rd & Kessler and other street improvements
· Grading, Paving and Utilities for right-of-way and shared parking stalls
· Streetscape and Landscape improvements in right-of-way and common areas
· Structured Parking (160 spaces)
· Maintenance of the North Arch
Developer estimates that the CID will generate about $250,000 per year by the year 2022 (increasing each year due to sales growth). Developer estimates that this will generate about $9 million over the 30-year life of the District with a net present value of about $4.2 million.
The cooperative agreement contains the follow...
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