Title
An Ordinance approving the Redevelopment Contract and Lease Agreement between the City of Lee’s Summit, Missouri, and DTLS Apartments, LLC, to implement the 2nd and Douglas Tax Increment Financing Plan and the 2nd and Douglas LCRA Redevelopment Plan. (Note: First reading by Council on December 3, 2019. Passed by unanimous vote.)
Body
Issue/Request:
An Ordinance approving the Redevelopment Contract to implement the TIF Plan and LCRA Plan for the downtown Cityscape Apartments, and a Lease Agreement to implement the sales tax exemption on construction materials for the apartments and parking structure.
Key Issues:
This ordinance will approve the contracts that will allow for the use of TIF revenues to fund the parking structure for the apartments through the 2nd and Douglas Tax Increment Financing Plan, and also implement the sales tax exemption on the construction materials through the 2nd and Douglas Land LCRA Redevelopment Plan. An historic preservation easement for the Sanctuary, which is an attachment to the Redevelopment Contract, must be executed by Developer to receive the incentive benefits. The easement will preserve the facades of the Sanctuary in perpetuity, and the property owner will need to obtain permission from the CIty to perform any changes to the exterior of the Sanctuary except for routine maintenance and alterations to comply with life/safety code requirements of the City Code.
Additional information about the project and the incentive plans can be found in the attached staff report. A simple majority vote is necessary to adopt the ordinance.
Proposed City Council Motion:
I move for adopotion of an Ordinance Approving the Redevelopment Contract and Lease Agreement Between the City of Lee’s Summit, Missouri, and DTLS Apartments, LLC, to Implement the 2nd and Douglas Tax Increment Financing Plan and the 2nd and Douglas LCRA Redevelopment Plan.
Background:
On May 7, 2019, the City Council approved Ordinance Nos. 8625 and 8628 which...
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