Title
Public Hearing: Chapter 100 Master Plan for the Lakewood Business Park Industrial Project; North Oak Safety Storage, LLC, applicant (affiliate of Ward Development)
Body
Issue/Request:
This is a public hearing for the requested approval of a Master Plan for an Industrial Development Project and Cost-Benefit Analysis for the Lakewood Business Park Project and authorizing the issuance by the City of its taxable industrial development revenue bonds in the aggregate principal amount of not to exceed $78,325,000 to finance costs of the industrial project for North Oak Safety Storage, 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 consists of up to eight buildings and related public improvements with a combined square footage of approximately 400,000 square feet, each of which will be used for warehousing, distribution, manufacturing and/or industrial flex space purposes. Additionally, the Project will include the construction and installation of streets, sanitary sewer lines and other public utilities (the “Public Improvements”) serving the Project Site (defined below). The Project will be constructed on approximately 30.75 acres located southwest of the intersection of NE Jones Industrial Drive and NE Independence Avenue in Lee’s Summit, Missouri, which is referred to as the “Project Site.”
Background:
In July 2023, the City Council heard a conceptual presentation about the incentive request presented by Developer. A majority of the City Council expressed an interest in considering the incentive request through the formal Chapter 100 process. The City Council did not vote or render any type of final or binding decision as part of the conceptual presentation.
Impact/Analysis:...
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