Title
A Resolution Approving a Funding Agreement Between the City of Lee’s Summit, Missouri and Streets of West Pryor, LLC, for the Land Clearance For Redevelopment Authority Incentive Request for the Streets Of West Pryor Project.
Body
Issue/Request:
A Resolution Approving a Funding Agreement Between the City of Lee’s Summit, Missouri and Streets of West Pryor, LLC, for the Land Clearance For Redevelopment Authority Incentive Request for the Streets of West Pryor Project.
Key Issues:
Approval of a funding agreement to cover City costs associated with processing the LCRA incentive request.
Proposed City Council Motion:
I move for approval of a Resolution Approving a Funding Agreement Between the City Of Lee’s Summit, Missouri and Streets of West Pryor, LLC, for the Land Clearance For Redevelopment Authority Incentive Request for the Streets of West Pryor Project.
Background:
The Streets of West Pryor project has received numerous approvals by the City Council, and the log of ordinances previously approved for the project in general is attached to the meeting packet. The original rezoning and preliminary development plan identified that the western-most tract of land in the Project area was originally intended to be developer for single-family residential land uses.
On February 16, 2021, the City Council heard a conceptual presentation by representatives of the Developer for an incentive request associated with developing the western-most lot as the Vanguard Villas residential project, consisting of approximately 84 townhome-style residential units. This development will be located over undermined areas, and the costs to remediate the undermining to allow for surface development represents extraordinary redevelopment costs for this property.
The Developer will be requesting two incentives through the LCRA Board of Commissioners, consisting of sales tax exemption on the purchase of construction materials for the Villas project, and a structured real prop...
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