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Lee's Summit council advances Victory Hyundai Chapter 100 plan to second reading
Summary
The City Council moved the Victory Hyundai chapter 100 incentive request to second reading after a presentation from the developer and city staff. The project seeks a 75% property tax abatement for 10 years and a construction sales-tax exemption; developers projected new jobs and sales tax revenue to the city.
Lee's Summit — The City Council advanced to second reading an ordinance approving a Chapter 100 plan for a new Victory Hyundai dealership, after developers outlined projected jobs, sales and public benefits and staff summarized the site's incentive history.
Developer attorney Ryan Westoff of Dentons told the council the project will be located near I-470 and Highway 50 on a site that previously was part of the Summit Fair TIF and that the request follows the city's economic development policy. "The public incentives represent only 8% of the total estimated project costs," Westoff said during his presentation.
The council's economic development counsel, David Bushek, reviewed the parcel's history, saying the Summit Fair TIF and related CID and contracts were terminated in 2021 and the city currently has no incentive in place on the property. Bushek said the developer is seeking a sales-tax exemption on construction materials during the build and a 75%…
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