The City of Lee's Summit - File #: BILL NO. 20-163

• File #: BILL NO. 20-163
• Type: Ordinance
• Status: Passed
• File created: 8/24/2020
• In control: City Council - Regular Session
• On agenda: 11/7/2023
• Final action: 11/7/2023
• Title: An Ordinance approving Redevelopment Project 1 for the Paragon Star Tax Increment Financing Plan and activating the collection of tax increment financing revenues therein. (Note: First reading by Council on September 1, 2020. Passed by the unanimous vote.)
• Related files: BILL NO. 23-090

Date	Action By	Action	Result
11/7/2023	City Council - Regular Session	adopted and numbered	Pass
9/1/2020	City Council - Regular Session	advanced to second reading	Pass

Title
An Ordinance approving Redevelopment Project 1 for the Paragon Star Tax Increment Financing Plan and activating the collection of tax increment financing revenues therein.
(Note: First reading by Council on September 1, 2020. Passed by the unanimous vote.)

Body
Issue/Request:
This ordinance will approve Project 1 for the Paragon Star TIF Plan as amended by the First Amendment and activate the collection of TIF revenues within the Project 1 Area. The Project 1 Area covers the Sports Complex and the mixed-use Village.

NOTE: An updated legal description has been attached as on November 6, 2023.
The original shape of the Project 1 area remains the same as in 2020, and only the language of the legal description is changing. The legal description is now a blend of metes and bounds and platted lots. Certain information that was in the 2020 legal description (parcels numbers and ownership information) is no longer applicable, and certain parcels were platted after 2020.


Proposed City Council Motion:
I move for adoption of an Ordinance Approving Redevelopment Project 1 for the Paragon Star Tax Increment Financing Plan and Activating the Collection of Tax Increment Financing Revenues Therein.

Background:

New Background Information for November 7, 2023 Council Meeting

The following new supporting documents from Developer are included in the meeting packet:

- Developer Presentation Slides
- Development Agreement Conditions Report
- 2020 vs 2023 Development Assumptions
- A set of spreadsheets comparing the financial impact of TIF Project activation dates in 2023, 2024 and 2025
- Documents related to public improvements completion within Kansas City's jurisdiction

Original Background Statement from September 1, 2020 Council Meeting

The City Council adopted Ordinance No. 7833 on March 10, 2016, designating the Redevelopment Area of the TIF Plan as a blighted area, approving the Redevelopment Plan, designating the Redevelopment Area as a “redevelopment...