Title
An Ordinance Approving the Amendment to the Termination of Rights, Duties, Obligations and Settlement Agreement between the City of Lee’s Summit and LS Industrial, LLC.
(Note: First read by City Council on August 9, 2022. Passed by unanimous vote.)
Body
Issue/Request:
An ordinance to terminate the obligation of LS Industrial, LLC (the “Developer”) to provide a 2.5 acre parcel of property in a pad-ready state of development to the City for the construction of a fire station, in exchange for a payment to the City.
Key Issues:
Release by the City of a real estate obligation imposed upon Developer in exchange for a payment to the City.
Proposed City Council Motion:
I move for adoption of an Ordinance Approving the Amendment to the Termination of Rights, Duties, Obligations and Settlement Agreement Between the City of Lee’s Summit and LS Industrial, LLC
Background:
The City previously invested funds for the acquisition of certain real property located within the City which is east of Missouri Highway 291 and north and south of Bailey Road (the “Property”) to facilitate redevelopment of the Property. The Property was acquired on June 15, 2011, subject to the terms and conditions of its agreements with the City as set forth in an Option Agreement dated June 15, 2011 which was recorded on June 17, 2011 as Instrument No. 2011E0056563, and the First Amended Option Agreement dated September 2, 2011, a Memorandum of which was recorded on December 8, 2011 as Instrument No. 2011E0114613 (two documents together referenced herein as the “Option Agreement”).
Rights under the Option Agreement were assigned to Westcott Investment Group, LLC (“Westcott”), with the express approval of the City, and the Property was conveyed to Westcott. The Property as owned by Westcott was subject to the Option Agreement, all of which was memorialized in the Assignment and First Amended and Restated Development Agreement to Promote Economic Development dated June 13, 2016 (the “R...
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