Title
Public Hearing: The Highway 291 South LCRA Redevelopment Plan; City of Lee’s Summit, applicant
Body
Issue/Request:
This is a public hearing to consider The 291 South LCRA Redevelopment Plan which has been prepared by City staff for the purpose of reimbursing the City for costs incurred by the City for the 291 North Interchange Project, including the City’s share of the interchange project and funding to relocate the Missouri Highway Patrol Troop A Headquarters facility in the maximum combined amount of $7,113,000.
Key Issues:
Approval of an LCRA Redevelopment Plan to establish a funding mechanism to reimburse the City for costs incurred for the 291 North Interchange Project.
Background:
In June 2014, the City Council adopted Ordinance No. 7472, which determined that certain real property within the Missouri Highway 291 and US Highway 50 corridors was blighted and designated the “US 50 / M-291 Highway Urban Renewal Area” pursuant to the Land Clearance for Redevelopment Authority Act set forth in Chapter 99 of the Revised Statutes of Missouri (the “LCRA Act”). This Redevelopment Plan provides for the implementation of redevelopment efforts in certain parts of the area designated as the Redevelopment Area as defined in the Plan, which will be treated as part of the US 50 / M-291 Highway Urban Renewal Area.
The City has entered into the Cost Share Agreement with the Missouri Highway and Transportation Commission (MHTC) to establish the funding arrangements for the Interchange Project. The City has also entered into the Road Relinquishment Agreement to establish the arrangements under which the City will assume ownership and maintenance responsibility for certain parts of Blue Parkway. The City will fund certain Interchange Project costs, including costs that have a secured funding source from the City and certain costs which are intended to be reimbursed to the City from approved reimbursement sources. This Redevelopment Plan is intended to establish a...
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