Title
An Ordinance Approving a Funding Agreement Between the City of Lee’s Summit, Missouri and Discovery Park Lee’s Summit, LLC, for the Discovery Park Project.
(Note: First read by Council on July 12, 2022. Passed by unanimous vote.)
Body
Issue/Request:
An Ordinance Approving a Funding Agreement for the Discovery Park project.
Key Issues:
Discovery Park Lee’s Summit, LLC (“Developer”) is a Missouri limited liability company that seeks to pursue a potential plan for economic development-based financing related to the Discovery Park Development Plan, which contemplates a mixed-use development located on land west of Douglas Road, north of I-470 and both north and south of Colbern Road (the “Project”), and which may include, without limitation, a tax increment financing plan in accordance with the Act, a community improvement district in accordance with the Community Improvement District Act, Sections 67.1401 et seq. of the Revised Statutes of Missouri, and a refunding or rebate of taxes that are imposed by the City on hotels within the Proposed Redevelopment Area.
The City enters into these funding agreements to finance legal, fiscal, planning, engineering and consulting costs incurred by the City to process the request and utilizes the deposited funds to fund such costs.
Proposed City Council Motion:
I move for adoption of an Ordinance Approving a Funding Agreement Between the City of Lee’s Summit, Missouri and Discovery Park Lee’s Summit, LLC, for the Discovery Park Project.
Background:
A conceptual economic development incentive request was presented at the May 31, 2022 special session of the City Council, outlining the proposed redevelopment project and the scope of potential incentives that may be requested. A majority of the Council provided positive non-binding feedback. Approval of this funding agreement will be necessary if the Mayor and Council wish to pursue the potential redevelopment project utilizing Tax Increment Financing and the other f...
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