Title
An Ordinance approving the Memorandum of Understanding between Suburban Land Reserve, Inc., and the City of Lee’s Summit, Missouri, for Development of land owned by Property Reserve, Inc.
(Note: First read by Council on March 26, 2024. Passed by unanimous vote.)
Body
Issue/Request:
Approval of the Memorandum of Understanding between the City and Suburban Land Reserve, Inc. (“SLR”).
Key Issues:
Long-term land-use planning and infrastructure financing for over 4,200 acres of property in the City.
Proposed City Council Motion:
I move for second reading of An Ordinance Approving the Memorandum of Understanding Between Suburban Land Reserve, Inc., and the City of Lee’s Summit, Missouri, for Development of Land Owned by Property Reserve, Inc.
I move for adoption of An Ordinance Approving the Memorandum of Understanding Between Suburban Land Reserve, Inc., and the City of Lee’s Summit, Missouri, for Development of Land Owned by Property Reserve, Inc.
Background:
SLR’s affiliate, Property Reserve, Inc., a Utah corporation (“PRI”), owns approximately 4,203 acres of property within the City (the “Property”). SLR is under contract to purchase certain portions of the Property and anticipates purchasing the balance of the Property over time; after purchasing any portion of the Property, SLR intends to sell such portions of the Property to third parties for usage and development.
SLR and the City seek to coordinate regarding the planning, platting and zoning for development of the Property and the establishment of a financing plan for financing the construction of public infrastructure to serve development of the Property, as well as the attraction and inducement of certain private development to the Property. The Parties also seek to coordinate for the acquisition of portions of the Property for public institutional uses by the City and other governmental entities as the Property develops over time.
Impact/Analysis:
Through this MOU, the Parties seek to i...
Click here for full text