Title
An Ordinance Approving the Amended and Restated Cooperative Agreement among LBC Development Corporation, the City of Lee’s Summit and the I-470 Community Improvement District (CID) to Facilitate the Dissolution and Termination of the Strother Interchange Transportation Development District And Update the Funding Obligations of the CID.
(Note: First read by Council on February 16, 2021. Passed by unanimous vote.)
Body
Issue/Request:
This bill and the companion bill related to the Amended and Restated Strother Interchange TDD Agreement are both designed to facilitate dissolution and termination of the Strother Interchange TDD, which is scheduled to be fully dissolved in 2021.
Key Issues:
Dissolution of the Strother Interchange TDD, and amendment of related agreements to facilitate that dissolution and ensure the City receives the excess TDD revenues under the previously-approved Dissolution Agreement.
Proposed City Council Motion:
I move for adoption of an Ordinance Approving the Amended and Restated Cooperative Agreement among LBC Development Corporation, the City of Lee’s Summit and the I-470 Community Improvement District (CID) to Facilitate the Dissolution and Termination of the Strother Interchange Transportation Development District And Update the Funding Obligations of the CID.
Background:
The City Council approved Ordinance No. 8970 on September 29, 2020, which authorized the execution of the Strother Interchange Transportation Development District (TDD) Dissolution Agreement (the “Dissolution Agreement”). The Dissolution Agreement was executed by the parties and is dated October 7, 2020. The Dissolution Agreement provided for the disbursement of excess TDD revenues between the City and MoDOT in proportion to those entities’ maintenance responsibilities for the transportation improvements that were funded by the TDD.
There are two other cooperative agreements that need to be amended to unwind the prior relationship between the TDD and the I...
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