Title
An Ordinance approving the First Amendment to the Amended and Restated Development Agreement between Paragon Star, LLC and the City of Lee's Summit, Missouri, for the Paragon Star Project.
(First read by Council on May 2, 2023.)
Body
Issue/Request:
Amendment of the Paragon Star Development Agreement to facilitate a phased opening of the Sports Complex and athletic fields.
Key Issues:
Revise conditions of the Development Agreement to allow the Sports Complex to open prior to the completion of the interchange improvements and Paragon Parkway, which is the primary arterial road through the Village development. Several other items have also been clarified in the agreement to facilitate the opening of the Sports Complex, including updates to the financial security required prior to opening.
Proposed City Council Motion:
I move for adoption of an Ordinance approving the First Amendment to the Amended and Restated Development Agreement between Paragon Star, LLC and the City of Lee's Summit, Missouri, for the Paragon Star Project.
Background:
The Amended and Restated Development Agreement for the Paragon Star Project was executed on January 5, 2021 (the “Development Agreement”). The Development Agreement controls the completion of public improvements in relation to the construction and opening of the Village and the Sports Complex in the Paragon Star project.
The Development Agreement currently provides that no temporary or final certificates of occupancy shall be issued for use of the athletic fields, any structures within the Sports Complex, and any structures in the Village Phase 1 and Village Phase 2 until a certificate of substantial completion has been issued for all “Interchange Improvements” and “Internal Roads” for the Development. The interchange improvements consist of a new diverging diamond interchange at I-470 and View High Drive, including improvements to View High Drive south of the interchange. The Internal Roads consist of View High ...
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