Title
An Ordinance approving the Fifth Amendment to the Amended and Restated Summit Fair Tax Increment Financing Contract between the City of Lee’s Summit, Missouri and RED Lee’s Summit East, LLC.
(Note: First read on April 23, 2024. Passed by unanimous vote.)
Body
Issue/Request:
Approval of the Amended and Restated Summit Fair Tax Increment Financing Contract, to allow an increase from five percent (5%) to up to fifteen percent (15%) of the square footage, but not to exceed 76,000 square feet of space within the Redevelopment Project Area 1 to be used by a user whose primary business operation does not result in taxable retail sales.
Key Issues:
Approval of the Amended and Restated Summit Fair Tax Increment Financing Contract to allow an increase from five percent (5%) to up to fifteen percent (15%) of the square footage, but not to exceed 76,000 square feet of space within the Redevelopment Project Area 1 to be used by a user whose primary business operation does not result in taxable retail sales to allow for an increase in traffic at the Shopping Center and reduce the risk of declining occupancy related to co-tenancy requirements.
Proposed City Council Motion:
I move for adoption of An Ordinance approving the Fifth Amendment to the Amended and Restated Summit Fair Tax Increment Financing Contract between the City of Lee’s Summit, Missouri and RED Lee’s Summit East, LLC.
Background:
RED Lee’s Summit East, LLC (the “Developer”) is a Missouri limited liability company that engaged in the business of land development that has developed the Summit Fair Shopping Center in Lee’s Summit (the “Project”). The City approved the Lee’s Summit East Amended and Restated Tax Increment Financing Plan through the adoption of Ordinance No. 6620 on April 17, 2008 (the “Redevelopment Plan”) and subsequently entered into the Amended and Restated Tax Increment Financing Contract dated May 27, 2008 (as amended, the “Redevelopment Contract”)
City and Developer entered into ...
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