Title
Presentation: Streets of West Pryor - Summary of Agenda Items
Body
Issue/Request:
This presentation is to provide a summary of all agenda items related to the Streets of West Pryor Project on this agenda.
Key Issues:
1. Amendment to the Chapter 100 Master Plan
2. Redevelopment Contract and the Lease Agreement for the Streets of West Pryor Land Clearance for Redevelopment Authority Redevelopment Plan
3. First Amendment to the Tax Increment Financing Contract
4. Phase 2 Development Agreement for Public Improvements
Proposed City Council Motion:
Each item has a separate ordinance.
Background:
Amendment to Chapter 100 Master Plan:
On January 8, 2019, the City Council approved the “Master Plan for Industrial Development Projects for the Streets of West Pryor Project” (the “Chapter 100 Master Plan” or the “Master Plan”) through the adoption of Ordinance No. 8540. On February 19, 2019, the City Council approved three separate Chapter 100 transactions and the associated Chapter 100 bond documents through the adoption of three separate ordinances for:
(1) the Commercial Project (Ordinance No. 8564)
(2) the Grocery Store Project (Ordinance No. 8565) and
(3) the Apartment Project (Ordinance No. 8566)
Redevelopment Agreement and Lease for the LCRA Redevelopment Plan for the Vanguard Villas:
On April 20, 2021, the City Council approved the Vanguard Villas at Streets of West Pryor Land Clearance For Redevelopment Authority Redevelopment Plan through the adoption of Ordinance No. 9120. The Redevelopment Agreement and Lease will implement the LCRA Redevelopment Plan.
Amendment to Tax Increment Financing Contract (Hotel Revenues):
On January 8, 2019, the City Council approved the Streets Of West Pryor Tax Increment Financing Plan through the adoption of Ordinance No. 8539. On January 22, 2019, the City Council approved the Tax Increment Financing Contract Between the City of Lee’s Summit, Missouri, and Streets of West Pryor, LLC, for the Streets Of West Pryor T...
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