Title
An Ordinance approving a funding agreement between the City of Lee’s Summit, Missouri and 635 Holdings, LLC, for the proposed Shamrock Redevelopment Project.
(Note: First read by Council on December 5, 2023. Passed by unanimous vote with one recusal.)
Body
Issue/Request:
Approval of a funding agreement to pay for in-house and third-party costs incurred by the City to conduct due diligence and process a request by 635 Holdings, LLC, to approve an incentive package through using tax increment financing, a community improvement district and Chapter 100 of the Revised Statutes of Missouri for redevelopment of the Shamrock Golf Course and adjacent properties east of Highway 291 South and north of Highway 150.
Key Issues:
Approval of a funding agreement to cover costs incurred by the City to evaluate and process Developer’s request for incentives.
Proposed City Council Motion:
I move for first reading of An Ordinance Approving a Funding Agreement Between the City of Lee’s Summit, Missouri and 635 Holdings, LLC, for the Proposed Shamrock Redevelopment Project.
Background:
635 Holdings, LLC (the “Developer”) is a Missouri limited liability company that engaged in the business of land development that has that has proposed to redevelop the Shamrock Golf Course and connecting properties generally located east of Highway 291 and north of Highway 150 (the “Project”), and has requested incentive using a tax increment financing plan in accordance with the Act, a community improvement district in accordance with the Community Improvement District Act, Sections 67.1401 et seq. of the Revised Statutes of Missouri, and a development plan pursuant to Chapter 100 of the Revised Statutes of Missouri.
The City does not have a source of funds to cover costs incurred by the City to evaluate, consider and approve the Request. In order for the City to fully consider and evaluate the Request, the Developer seeks to deposit funds with the City to be used by the City to pay...
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