Title
An Ordinance approving the petition for establishment of the Raintree Village Community Improvement District.
(Note: First read by Council on September 5, 2023.)
Body
Issue/Request:
An Ordinance approving the petition for establishment of the Raintree Village Community Improvement District.
Key Issues:
This ordinance will approve the Raintree Village Community Improvement District, which would le located at Ward Road and Highway 105, primarily over the northwest quadrant, which would impose a new 1% sales tax with a maximum duration of 27 years in order to fund transportation and stormwater improvements.
Proposed City Council Motion:
I move for adoption of an Ordinance Approving the Petition for Establishment of the Raintree Village Community Improvement District.
Background:
Christie Development Associates, LLC (“Developer”) has proposed an approximately 24-acre Mixed Use Development that would include about 250,000 square feet of residential, office and commercial construction. The total estimated project costs are about $65 million. Developer is requesting the formation of a community improvement district (CID) over the commercial retail development which would impose a 1% sales tax for the purpose of generating revenues to reimburse developer for transportation and stormwater improvements.
The petitioners for the CID include the 150 Highway Lee’s Summit, LLC, Arborwalk Investors II, LLC, and Martin City Partners, LLC. The Petition requests the formation of a new CID over the planned commercial area which is generally located at the northwest quadrant of Ward Road and Highway 150. The applicant gave a conceptual presentation to the City Council on this proposed CID on July 12, 2022, and the Council provided positive non-binding feedback. The CID would impose a new 1% sale tax on the commercial retail businesses in the CID area.
The Developer is proposing to undertake certain new public improvements which would be funded by the City, includin...
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