Title
An Ordinance Approving the Cooperative Agreement Among the City of Lee’s Summit, Missouri, The Valle Vista Community Improvement District and LS Valle Vista 2018, LLC.
(Note: First read by City Council on December 6, 2022. Passed by unanimous vote.)
Body
Issue/Request:
Approval of the Cooperative Agreement to implement the approved Valle Vista Community Improvement District which would impose a new 1% sales tax with a maximum duration of 27 years in order to fund rehabilitation and reconstruction work within the boundaries of the District.
Background:
LS Valle Vista 2018, LLC, (“Developer”), an entity affiliated with Block & Company, Inc., filed a Petition for the formation of a new CID over the Valle Vista Shopping Center located west of Highway 291 north between Chipman Road on the north and Columbus Street on the south, not including the northeast and southeast lots in the shopping center.
The applicant gave a conceptual presentation to the City Council on this CID on June 7, 2022, and the Council provided positive non-binding feedback. The CID would impose a new 1% sale tax on the commercial retail businesses in the CID area.
The City Council held the public hearing to consider the CID Petition on July 26, 2022, and thereafter approved Ordinance No. 9437 on August 8, 2022 to approve the Petition and form the District.
The Developer is proposing to undertake a renovation project of the shopping center that is expected to cost a total of about $14.9 million. The CID is proposed to reimburse Developer for following rehabilitation and reconstruction work in the combined total of about $3.9 million:
· Asphalt mill, paving and repair
· Parking area improvements
· Curb replacement
· Sidewalk replacement
· Landscaping improvements
· Building façade improvements
· Roof replacement
· Replace scuppers and downspouts
· Monuments signs
· Storefront glazing
· HVAC replacement
· Patios and pergolas
· Demolition costs
· Interior renovations and tenan...
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