Title
Presentation: Amendment to Cedar Creek Redevelopment Agreement and LCRA Redevelopment Plan for redevelopment at 1103 SW Oldham Parkway
Body
Issue/Request:
Amendment of the Redevelopment Agreement and LCRA Plan to authorize reimbursement of project costs associated with redevelopment of the former Pizza Hut site for a new restaurant. This is not a formal public hearing, but instead only a presentation to inform the City Council about the requested amendment to the reimbursement structure through the amended Redevelopment Agreement and amended LCRA Plan.
Key Issues:
Adjustment to reimbursement now that plans for redevelopment of the property at 1103 SW Oldham Parkway (former Pizza Hut site) is moving forward.
Proposed City Council Motion:
No motion as part of this presentation item; an ordinance is included on this agenda for Council action.
Background:
The Cedar Creek Community Improvement District (the “District”) was formed on September 29, 2020, by the adoption of Ordinance No. 8973 in accordance with the Missouri Community Improvement District Act, Section 67.1401, et. seq., of the Revised Statutes of Missouri, as amended. This CID authorized reimbursement for redevelopment of the southern portion of the Cedar Creek shopping center (not including the Hy-Vee grocery store property) and the property at 1103 SW Oldham Parkway which is the former Pizza Hut site. This property was used for Covid testing during the Covid emergency period.
The Cedar Creek LCRA Redevelopment Plan (the “LCRA Plan”) was approved by the City Council on January 5, 2021 through the adoption of Ordinance No. 9042. The LCRA Plan authorizes sales and use tax exemption on the purchase of construction materials that will be used in the redevelopment project at the Cedar Creek shopping center and the property at 1103 SW Oldham Parkway.
The City, the District and Enterprises Cedar Creek, LLC (the “Developer”), executed the Redevelopment Agreement on February 17, 2021 to implement...
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