Title
An Ordinance approving the Cooperative Agreement among the City of Lee’s Summit, Missouri, the Raintree Village Community Improvement District, Martin City Partners, LLC, and 150 Highway Lee’s Summit, LLC, to implement the Raintree Village Community Improvement District.
(Note: First read by Council on November 21, 2023. Passed by unanimous vote.)
Body
Issue/Request:
An ordinance to approve a cooperative agreement to implement the Raintree Village Community Improvement District which would impose a new 1% sales tax with a maximum duration of 27 years in order to fund transportation and stormwater improvements within the boundaries of the District, along with previously-completed improvements around the existing Raintree Lake Village development that is located at the southeast quadrant of Ward Road and Highway 150.
Key Issues:
Approval of the cooperative agreement for the CID which would impose a 1% sales tax within the boundaries of the proposed CID to fund public improvements.
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 fe...
Click here for full text