Title
An Ordinance Approving the Chapter 353 Redevelopment Plan for the Lee’s Summit Downtown Market Plaza Redevelopment Area, and Approving a Cooperative Agreement between the City of Lee’s Summit, Missouri and the Lee’s Summit Downtown Market Plaza Redevelopment Corporation to Implement the Redevelopment Plan.
(Note: First read by Council on September 6, 2022. Passed by unanimous vote.)
Body
Issue/Request:
Ordinance to approve the Chapter 353 Redevelopment Plan for the Downtown Market Plaza Project.
Key Issues:
Approval of the Redevelopment Plan which will guide the Downtown Market Plaza Project.
Proposed City Council Motion:
I move for adoption of an Ordinance Approving the Chapter 353 Redevelopment Plan for the Lee’s Summit Downtown Market Plaza Redevelopment Area, and Approving a Cooperative Agreement between the City of Lee’s Summit, Missouri and the Lee’s Summit Downtown Market Plaza Redevelopment Corporation to Implement the Redevelopment Plan.
Background:
On April 20, 2021, the City Council passed Ordinance No. 9123 which approved a Development Structure Agreement for the Downtown Market Plaza Project (the “Downtown Project”) between the City, Lane4 Property Group, Inc. (the “Developer”) and Biederman Redevelopment Ventures (“BRV”). That Agreement was executed on May 21, 2021.
On April 20, 2021, the City Council also passed Ordinance No. 9124 which approved Amendment #12 to the Fiscal Year 2022 City Budget. This ordinance appropriated $3,530,000 to the Green Street Improvements Fund for the Downtown Project, from funds previously accumulated by the City from the sale of surplus property and the release of a property acquisition option.
On May 3, 2021, the City Council approved Ordinance No. 9142, which approved a Cooperative Agreement between the City and the Downtown Lee’s Summit Community Improvement District for the Downtown Project. That Cooperative Agreement established the contractual relationship between the City and the CID for t...
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