Title
An Ordinance Approving a Transferee Agreement Among Ritter Plaza, LLC, Benevento Properties, LLC, and the City of Lee’s Summit, Missouri, for the Transfer of Property in the Ritter Plaza Tax Increment Financing Redevelopment Area.
(Note: First read by Council on August 17, 2021. Passed by unanimous vote.)
Body
Issue/Request:
Request to approve a Transferee Agreement which will allow for the sale of the property that is occupied by the Party City store in the Ritter Plaza shopping area.
Key Issues:
Sale of property occupied by the Party City store in Ritter Plaza to a new owner.
Proposed City Council Motion:
I move for adoption of An Ordinance Approving a Transferee Agreement Among Ritter Plaza, LLC, Benevento Properties, LLC, and the City of Lee’s Summit, Missouri, for the Transfer of Property in the Ritter Plaza Tax Increment Financing Redevelopment Area.
Background:
The City and Ritter Plaza, LLC, a Missouri limited liability company, the developer selected by the City ("Developer") executed the Ritter Plaza Tax Increment Financing Contract on November 12, 2008 (the “TIF Contract”) to implement the Ritter Plaza Tax Increment Financing Plan (the “TIF Plan”), for development of the Ritter Plaza shopping area. Section 29 of the TIF Contract provides that no sales of property in the TIF Redevelopment Area may be made to proposed buyers that are not directly affiliated with the Developer, without the prior written approval of the City. Section 29 also provides that these buyers (designated as “transferees” in the TIF Contract) are required to enter into a transferee agreement to confirm the transferees’ obligations to comply with certain provisions of the TIF Contract as it relates to the transferred property.
Under Section 29 of the TIF Contract, when the City considers the proposed transfer of property under the TIF Contract, the City may require that the transferee demonstrate to City's reasonable satisfaction that it has sufficient financial, ma...
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