Summit Place seeks $18.5 million in subsidy

rpulley@lsjournal.comMarch 5, 2014 

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    Dollars, in millions for a shopping center to be built on Ward Road, if the city council agrees to financing plan

Public support for a new $72 million shopping center is on the Lee’s Summit City Council’s agenda this week.

RED Development is asking for $18.5 million of costs reimbursed to the developer by tax-increment financing and by a Community Improvement District. The improvements with public money are to include roads, detention basin, water line and a box culver for storm drainage.

The council will consider amending the tax-increment financing and community improvement districts for Summit Fair, extending them to include Summit Place.

It also will hold a public hearing on rezoning for the 355,000 square-foot retail center located at 1301 NW Ward Road on 43 acres.

According to city documents, the project is expected to include a 136,085-square-foot anchor store with a gas station, “junior anchor stores,” shops and five pad lots. In documents analyzing the project, uses mentioned include a bank and restaurants.

TIF revenue collected from Summit Place would be used on its related projects; money being collected from Summit Fair would continue to go to repay bonds related to that already built center.

In a separate development, the council, at the March 6 meeting, also will be asked to consider a one-year extension of a preliminary development plan for a Wal-Mart Supercenter near Missouri 150 and Missouri 291.

Construction of the store has been delayed by a lawsuit which contends the city’s rezoning to allow the store wasn’t handled correctly by the council, and so is invalid.

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