Title
An Ordinance Approving the Redevelopment Contract and the Lease Agreement between the City of Lee’s Summit and Vanguard Villas, LLC, to Implement the Vanguard Villas at Streets of West Pryor Land Clearance for Redevelopment Authority Redevelopment Plan.
(Note: First read by Council on May 18, 2021. Passed by unanimous vote.)
Body
Issue/Request:
Approval of contracts to implement the LCRA Redevelopment Plan that was approved in April 2021 for the Vanguard Villas project.
Key Issues:
Approval of the Redevelopment Contract to implement the LCRA Redevelopment Plan to provide sales tax exemption on the purchase of construction materials and 50% real property tax exemption for a period of 25 years for the Vanguard Villas development, as a reimbursement source for the extraordinary redevelopment costs associated with remediating the undermined areas and the construction of off-site road improvements.
Proposed City Council Motion:
I move for adoption of An Ordinance Approving the Redevelopment Contract and the Lease Agreement between the City of Lee’s Summit and Vanguard Villas, LLC, to Implement the Vanguard Villas at Streets of West Pryor Land Clearance for Redevelopment Authority Redevelopment Plan.
Background:
The Vanguard Villas at Streets of West Pryor Land Clearance for Redevelopment Authority Redevelopment Plan was approved through the adoption of Ordinance No. 9120 on April 20, 2021. That ordinance was subject to the execution of a Redevelopment Agreement to implement the Redevelopment Plan, and this ordinance will satisfy that condition.
To implement the LCRA Plan, the City will become the fee owner of the project through the life of the incentive period and lease the property to the Vanguard Villas, LLC (the “Developer”). The Lease Agreement will accomplish this lease arrangement to implement the tax abatement incentive.
Impact/Analysis:
Some of the key features of the Redevelopment Contract and Lease Agreement are summarized as follows:
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