Title
An Ordinance approving Redevelopment Project 3 for the 291 North and Highway 50 Tax Increment Financing Plan and activating the collection of tax increment financing revenues therein.
(Note: First reading done by Council on August 18, 2020.)
Body
Issue/Request:
Redevelopment Project 3: This ordinance will approve Redevelopment Project 3 which covers approximately 1.3 acres of property which will be the located of a Wendy’s restaurant. This redevelopment project area is scheduled to be redeveloped by the current property owner, which has received approval for the Wendy’s restaurant. This ordinance will activate the collection of TIF revenues within the project area for a period of up to 23 years.
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. This ordinance will activate TIF revenue collections within a redevelopment project area of the TIF Plan.
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 ...
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