Title
An Ordinance approving the North and East Property Real Estate Sale Agreement between Southwestern Bell Telephone Company and the City of Lee’s Summit, Missouri, for acquisition of property for the Downtown Market Plaza Project and containing an emergency clause.
Body
Issue/Request:
An ordinance approving a real estate sale agreement for the City to acquire the north and east portions of the AT&T (property owned in the name of Southwestern Bell Telephone Company) for the Downtown Market Plaza Project.
Key Issues:
Acquisition of property for the Downtown Market Plaza Project in exchange for compensation in the form a cash payment and other elements of consideration.
Proposed City Council Motion:
I move for second reading / adoption of An Ordinance Approving the Real Estate Sale Agreement Between Southwestern Bell Telephone Company and the City of Lee’s Summit, Missouri, for Acquisition of Property for the Downtown Market Plaza Project
Background:
The City has been engaged in planning and preparation efforts to proceed with the Downtown Lee’s Summit Market Plaza Project (the “Project”) for many years, which is an area bounded by 2nd Street on the north, 3rd Street on the South, Green Street on the west and Johnson Street on the east, and extending across 3rd Street to include the parcel located at the southeast corner of 3rd Street and Green Street (the “Redevelopment Area”). The City has been in negotiations with AT&T (for property owned in the name of Southwestern Bell Telephone Company) for about eight years to acquire property from AT&T in furtherance of the Project.
In August 2023, the City purchased the west AT&T parking lot and a strip of land adjacent to the AT&T office building which will be the location of a public drive to serve the Project. City staff has successfully negotiated a real estate sale agreement for acquisition of the north and east portions of the AT&T property.
Impact/Analysis:
The City will make a cash payment to the sel...
Click here for full text