Title
An Ordinance approving an Amended and Restated Plan for Industrial Development and authorizing the City of Lee’s Summit, Missouri to issue taxable Industrial Development Revenue Bonds in a principal amount not to exceed $24,500,000 in connection with the Town Centre Industrial Project and authorizing certain documents and actions in connection therewith.
(First read by Council on March 7, 2023. Passed by unanimous vote.)
Body
Issue/Request:
This is an ordinance to approve the Amended and Restated Plan for an Industrial Development Project and Cost-Benefit Analysis for the Town Centre Industrial Project and authorizing the issuance by the City of its taxable industrial development revenue bonds in the aggregate principal amount of not to exceed $24,500,000 to finance costs of the industrial project for Independence Safety Storage North II, L.L.C., which is an affiliate of Ward Development. The Bonds will be issued pursuant to the provisions of Sections 100.010 to 100.200 of the Revised Statutes of Missouri, as amended, and Article VI, Section 27(b) of the Missouri Constitution, as amended (collectively, the “Act”).
Key Issues:
The Project to be financed by the Bonds is proposed to be one industrial building and related public improvements, anticipated to be 250,000 square feet, which will be used for warehousing, distribution, and /or manufacturing purposes. The Project will include the installation of a water main following the road along the northern portion of the Project Site (the “Public Improvements”). The Project will be constructed on approximately 22 acres bounded generally by NE Town Centre Boulevard to the north and west, NE Independence Avenue to the east and NE Town Centre Drive to the south, in Lee’s Summit, Missouri, which acreage is referred to as the “Project Site.”
Background:
In October 2022, the City Council heard a conceptual presentation about the incentive request presented by Developer. A majority of the City Council expressed a...
Click here for full text