Title
An Ordinance approving the 291 North and Highway 50 Tax Increment Financing Plan and establishing a Redevelopment Area for the Plan
(Note: First reading done by Council on August 18, 2020.)
Body
Issue/Request:
The 291 North & Highway 50 Tax Increment Financing Plan is being proposed by the City to fund a portion of the costs associated with reconstruction of the Highways 291 North and 50 Interchange and the northern outer roads (Blue Parkway). The initial goal of the TIF Plan is funding for a portion of the costs associated with relocating the Missouri Highway Patrol’s Troop A Headquarters from its current location at 504 SE Blue Parkway to a new location in the City north, of Colbern Road. This relocation will allow Blue Parkway to be moved to the north of the current location, which is an essential component of a redesigned interchange to enhance circulation and traffic safety.
Key Issues:
This TIF Plan has been prepared by the City of Lee’s Summit to fund costs associated with the 291 North and Highway 50 interchange project. A summary of the primary components of the overall project is as follows:
Interchange Project - The City of Lee’s Summit seeks to facilitate the reconstruction of the 291 North and Highway 50 interchange, at a projected cost of about $20 million. This interchange, in conjunction with the Blue Parkway outer road system, is a safety concern and is one of Lee’s Summit’s highest locations for automotive accidents. In addition to safety concerns, the traffic demand is often higher than capacity, thus causing significant travel delays for our citizens, visitors, and commerce. The City has filed a Cost Share Application with MoDOT for the Interchange Project. City staff has tentatively identified capital improvement and excise tax funds the possible sources of City funding.
Outer Road Relocation - Blue Parkway is the northern outer road that serves the interchange, which is currently in MoDOT’s jurisdiction. Blue Parkway needs...
Click here for full text