Title
An Ordinance authorizing the City of Lee’s Summit, Missouri to issue Taxable Industrial Development Revenue Bonds in a principal amount not to exceed $42,000,000 in connection with the Logistics Park Project; and authorizing certain documents and actions in connection therewith.
(Note: First reading by Council on February 8, 2022. Passed by unanimous vote.)
Body
Issue/Request:
Ordinance to approve the Chapter 100 transaction for the Lee’s Summit Logistics Park industrial project.
Key Issues:
This ordinance will authorize the issuance of the Chapter 100 bonds in order to provide the requested incentives for the industrial development, in the form of sales and use tax exemption on the purchase of construction materials for the project and real property tax abatement.
Proposed City Council Motion:
I move for adoption of an Ordinance authorizing the City of Lee’s Summit, Missouri to issue Taxable Industrial Development Revenue Bonds in a principal amount not to exceed $42,000,000 in connection with the Logistics Park Project; and authorizing certain documents and actions in connection therewith.
Background:
The City Council approved Ordinance No. 9315 on January 4, 2022, which approved the Plan for an Industrial Development Project for the Logistics Park Project (the “Plan”) for the developer Scannell Properties (“Developer”). As approved, the Plan allows for the Developer to use the City’s sales tax exemption certificate for the purchase of construction materials used in the construction of the project improvements, and also provides real property tax abatement for 20 years.
Impact/Analysis:
The Project is expected to cost approximately $82,177,663, consisting of investments made in the years 2022 through 2023, although the actual years of investment may vary based on Project implementation. The Project to be financed by the Bonds consists of three industrial buildings and related public improvements, specifically one building anticipated to be 431...
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