Title
An Ordinance approving a Funding Agreement between the City of Lee’s Summit, Missouri and RED Lee’s Summit East, LLC, for proposed amendments to the Amended and Restated Summit Fair Tax Increment Financing Contract.
(First read by Council on March 21, 2023. Passed by unanimous vote.)
Body
Issue/Request:
Approval of a funding agreement to pay for third-party costs incurred by the City (bond counsel, financial advisor and revenue study) to conduct due diligence and process a request by RED Lee’s Summit East, LLC, to amend the Summit Fair TIF Contract to ease restrictions on non-retail uses in the shopping center.
Key Issues:
Approval of a funding agreement to cover costs incurred by the City to evaluate and process Developer’s request to amend the TIF Contract.
Proposed City Council Motion:
I move for adoption of An Ordinance Approving a Funding Agreement between the City of Lee’s Summit, Missouri and RED Lee’s Summit East, LLC, for proposed Amendments to the Amended and Restated Summit Fair Tax Increment Financing Contract.
Background:
RED Lee’s Summit East, LLC (the “Developer”) is a Missouri limited liability company that engaged in the business of land development that has developed the Summit Fair Shopping Center in Lee’s Summit (the “Project”). The City approved the Lee’s Summit East Amended and Restated Tax Increment Financing Plan through the adoption of Ordinance No. 6620 on April 17, 2008 (the “Redevelopment Plan”) and subsequently entered into the Amended and Restated Tax Increment Financing Contract dated May 27, 2008 (as amended, the “Redevelopment Contract”)
To provide financing in support of the Redevelopment Plan, the City issued its Special Obligation Tax Increment and Special District Refunding and Improvement Bonds (Summit Fair Project), Series 2017 (the “Bonds”).
The City has been requested by Developer to consider amending the Redevelopment Agreement (the request by the Company referenced herein as the “Request”), which would r...
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