City Council Information Form

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Martha Wheeler
5 years ago
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1 City Council Information Form DATE: 05/09/2014 ASSIGNED STAFF: Daren Fristoe DEPARTMENT: Administration TYPE OF FORM: Public Hearing Form No.: 4235 APPROVALS: admin: /09/2014 ISSUE/REQUEST: Continued Public Hearing for the Petition to Add Property to the Summit Fair Community Improvement District, Provide for Costs Related to the Added Property, and Authorize a Sales Tax on the Added Property. KEY ISSUES: This is a public hearing regarding the proposed Petition to add property to the Summit Fair CID to include the Summit Place project. This public hearing is required pursuant to Section for a petition to add property to an existing community improvement district. PROPOSED CITY COUNCIL MOTION: I move to direct staff to present an ordinance to approve the Summit Fair CID Petition. BACKGROUND:(including location, programs/departments affected, and process issues) The applicant proposes to expand the existing CID that is in place on the Summit Fair shopping center, to include the Summit Place project. The CID expansion is an integral part of the applicant s proposed financing plan and is presented with the First Amendment to the Summit Fair TIF Plan. The Summit Fair CID imposes a 1% sales tax. This sales tax will automatically apply to the Summit Place project by the operation of state law if the boundaries of the existing CID are expanded to include Summit Place. Half of the CID revenues generated by Summit Place will be captured as EATs under the TIF Plan, and the remaining uncaptured sales tax revenues will be controlled and appropriated by the CID. The uncaptured portion of the CID revenues must be expended on CID eligible costs, which must be public improvements. The applicant has accounted for the captured and uncaptured CID sales tax revenues that would be generated by Summit Place in the revenue projections (Exhibit 5 2A) and the proposed budget (Exhibit 4A) for the First Amendment to the TIF Plan. IMPACT/ANALYSIS: TIMELINE Start: Finish: OTHER INFORMATION/UNIQUE CHARACTERISTICS: The Summit Place property will be added to the CID when the Council approves the ordinance. The CID sales tax

2 will immediately apply to the Summit Place project although no revenues will be generated until the stores open for business. STAFF RECOMMMENDATION OTHER BOARDS AND COMMISSIONS ASSIGNED: TIF Commission DATE: ACTION: The TIF Commission considered the First Amendment to the TIF Plan and voted 10 1 on a resolution to recommend approval of the First Amendment. The TIF Commission does not have jurisdiction over the CID proceedings, although the applicant s financial projections in the First Amendment include the CID revenue projections. COUNCIL COMMITTEE ASSIGNED: Not Applicable DATE: ACTION: List of Reference Documents Attached 1. Exhibit List 2. CID Petition

3 EXHIBIT LIST PETITION TO ADD PROPERTY TO THE SUMMIT FAIR COMMUNITY IMPROVEMENT DISTRICT, PROVIDE FOR COSTS RELATED TO THE ADDED PROPERTY AND AUTHORIZE A SALES TAX ON SUCH ADDED PROPERTY LEE S SUMMIT CITY COUNCIL PUBLIC HEARING March 6, Exhibits introduced to the City Council for consideration of the First Amendment to the Lee s Summit East Amended and Restated Tax Increment Financing Plan, March 6, Ordinance No approving a Second Amended Petition for the Establishment of the Summit Fair Community Improvement District, dated April 23, Ordinance No approving the Amended Petition to Add Property to the Summit Fair Community Improvement District, dated February 4, Ordinance No approving the Petition to Add Property to the Summit Fair Community Improvement District and Authorize a Sales Tax and Special Assessments on such Added Property, dated June 7, Petition to Add Property to the Summit Fair Community Improvement District, Provide for Costs Related to the Added Property and Authorize a Sales Tax on such Added Property, filed with City Clerk on February 14, Affidavit of Publication for First Published Notice, published in The Lee s Summit Journal on February 19, Notice of City Council public hearing sent to property owners on February 18, 2014, and return receipts 8. Affidavit of Publication for Second Published Notice, published in The Lee s Summit Journal on February 26,