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 $27,500,000 in connection with the Logistics Park Project (Phase III); and authorizing certain documents and actions in connection therewith.
(Note: First read by Council on June 14, 2022. Passed by unanimous vote.)
Body
Issue/Request:
Ordinance to approve the Chapter 100 transaction for Phase III of the Lee’s Summit Logistics Park industrial project, for the third building in the project.
Key Issues:
This ordinance will authorize the issuance of the Chapter 100 bonds for Phase III 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 $27,500,000 in Connection with the Logistics Park Project (Phase III); 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.
The City Council passed Ordinance No. 9336 on February 22, 2022 which authorized the issuance of bonds for Phase 1 of the project in the principal amount not to exceed $42,000,000. The Developer is ready to move forward with the second and third buildings in the project.
Impact/Analysis:
The Pro...
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