Title
An Ordinance Approving the Cooperative Agreement Between the City of Lee’s Summit, Missouri, and the Downtown Lee’s Summit Community Improvement District for the Downtown Market Center Project.
(Note: First reading by Council on April 20, 2021. Passed by unanimous vote.)
Body
Issue/Request:
An ordinance to approve a Cooperative Agreement with the Downtown Lee’s Summit Community Improvement District (the “CID” or the “District”).
Key Issues:
Approval of the Cooperative Agreement with the District will create the formal arrangement between the City and the District for the funding of the “Farmer’s Market Pavilion” which is one of the key public structures that is expected to be constructed within the larger Downtown Market Center project. The Downtown Market Center project is expected to cause redevelopment of the area bounded by 2nd Street to the north, 3rd Street to the south, Green Street on the west and Johnson Street on the east, and extending across Green Street into the area that currently serves as the Civic Plaza for City Hall.
The Cooperative Agreement establishes the right, duties and obligations of the City and the District regarding programming, design, funding and construction of the Farmer’s Market Pavilion. The Farmer’s Market Pavilion is envision to be one of the key public components of the overall Downtown Market Center, and the District has requested that the District’s funding be limited to the Farmer’s Market Pavilion.
The Cooperative Agreement establishes the following levels of funding by the District for the Farmer’s Market Pavilion:
· $120,000 to be expended for schematic design, engineering, and construction documents for the Farmer’s Market Pavilion, and development of the opinion of probable cost;
· $4,000,000 toward construction costs, payable over a 20-year period as follows:
o $750,000 as an initial contribution from currently available CID funds;
o $162,500 per year for 20 years.
The Cooperative Agreement include...
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