Title
An Ordinance approving the Redevelopment Agreement and Lease Agreement between the City of Lee’s Summit, Missouri, Colbern-Rice Investments, LLC, and the Colbern Ridge Community Improvement District to implement the Colbern Ridge Community Improvement District and the Colbern Ridge Land Clearance for Redevelopment Authority Redevelopment Plan.
(Note: First read by Council on September 19, 2023. Passed by unanimous vote.)
Body
Issue/Request:
This ordinance will approve the Redevelopment Agreement and the Lease Agreement to implement the Colbern Ridge LCRA Redevelopment Plan and the Colbern Ridge Community Improvement District, which would provide sales and use tax exemption on construction materials and public improvement assessment reimbursement through long-term tax abatement for the proposed development to be constructed by Colbern-Rice Investments, LLC (the “Developer”), along with a 1% sales tax and special assessments imposed by the CID, which is located at the Northeast corner of Rice Road and Colbern Road, in Lee’s Summit, Missouri, totaling 41.4 acres.
Key Issues:
Implementation documents to implement the LCRA Redevelopment Plan and CID for the Colbern Ridge Project.
Motion:
I move for adoption of an Ordinance approving the Redevelopment Agreement and Lease Agreement between the City of Lee’s Summit, Missouri, Colbern-Rice Investments, LLC, and the Colbern Ridge Community Improvement District to implement the Colbern Ridge Community Improvement District and the Colbern Ridge LCRA Redevelopment Plan.
Background:
On June 6, 2023, Developer made a conceptual incentive request to the City Council for the requested incentive package and received positive non-binding feedback from the Council. The Council expressed some reservations about the City sales tax revenue sharing request, and recommended that alternatives to this component of the incentive request be evaluated.
On or about May 15, 2023, Developer filed the LCRA Redevelopment Plan wit...
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