Title
An Ordinance calling an election to authorize the issuance of general obligation bonds for the City of Lee's Summit, Missouri, related to transportation purposes.
(Note: First read by City Council on January 10, 2023. Passed by unanimous vote.)
Body
Issue/Request:
Throughout the December 2022 meetings, staff has been working with the Mayor and City Council to identify projects or initiatives to place on an April 4, 2023 ballot for a "no tax increase" bond issue. Through the course of those meetings and discussions, the Mayor and City Council have narrowed the priorities and potential projects from an overall list that exceeded $400 million down to a priority list of an estimated $185 million.
Based on the potential projects or initiatives being considered, staff has worked with Sid Douglas, with Gilmore & Bell who is the City's Bond Counsel on preparing the no tax increase ballot question(s). The attached transportation related ordinance would entail the issuance of up to $98,000,000 in projects or initiatives.
The attached ordinance must be approved in order to place a no tax increase ballot question on the April 4, 2023 municipal election and the Jackson County Election Board must be notified of the ballot question on or before January 24, 2023.
This ballot question would provide necessary resources to pursue projects including but not limited to:
- Improvements to SW Scherer Parkway and Sherer Road ($35M)
- Improvements to SW Longview Blvd. ($3.5M - Longview Road to Scherer Pkwy)
- Improvements to Todd George Parkway ($24M - between Colbern Rd. & Woods Chapel)
- Improvements to SE Douglas St. ($5M - 5th St. to Blue Pkwy)
- Improvements to NE Lakewood Way ($6.4M - south of Bowlin Rd)
- Improvements to NE Lakewood Way ($4.35M - north of Bowlin Rd.)
- Improvements to Langsford Rd. ($5M)
- New Hangar 2 and other improvements to the LS Airport
Key Issues:
The currently established debt service levy established at $ .3697 per $100 assessed valuation ...
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