Title
An Ordinance Approving a Funding Agreement Between the City of Lee’s Summit, Missouri and LS Valle Vista 2018, LLC, for the Valle Vista Community Improvement District.
(Note: First read by Council on July 19, 2022. Passed by unanimous vote.)
Body
Issue/Request:
An Ordinance Approving a Funding Agreement for the proposed Valle Vista CID.
Key Issues:
LS Valle Vista 2018, LLC (“Developer”) is a Missouri limited liability company that seeks to pursue a potential community improvement district (CID) in accordance with the Community Improvement District Act, Sections 67.1401 et seq. of the Revised Statutes of Missouri, for redevelopment of the Valle Vista Shopping Center located on the west side of Highway 291 North between Chipman Road and Columbus Street.
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 LS Valle Vista 2018, LLC, for the Valle Vista Community Improvement District.
Background:
A conceptual economic development incentive request was presented at the June 7, 2022 City Council meeting, outlining the proposed redevelopment project and the scope of the CID request. The Council provided positive feedback as a result of the conceptual incentive request. Approval of this funding agreement will be necessary if the Mayor and Council wish to pursue the potential redevelopment project utilizing the proposed CID.
Impact/Analysis:
This Funding Agreement is required by the City’s Economic Development Incentive Policy. The amount of the initial deposit is $10,000 and will be replenished as the fund is depleted.
Presenter
Mark Dunning, Assistant City Manager
David Bushek, Chief Counsel of Economic Development & Planning
Recommendation
Staff r...
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