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Drake Development pitches Oldham Village East; city staff outline roughly 24% incentive request and pay-as-you-go TIF structure
Summary
Drake Development presented a conceptual plan for roughly 120 acres on Lee's Summit's east side anchored by a national wholesaler and requested city incentives including a pay-as-you-go TIF and LCRA benefits; staff said the developer's incentive package checks in around 24% of project cost and recommended further financial review before a formal PDP.
Matt Pennington, president of Drake Development, presented a conceptual plan for Oldham Village East on about 120 acres of east-side property, describing a mixed-use development anchored by a committed national wholesaler and including retail, restaurant, multifamily housing, civic green space and structured parking.
Pennington said the development team "have control of the properties tonight" and emphasized timing as a critical factor: he said the wholesaler is targeting an opening in November 2026 if the project proceeds. He described site challenges including remnants of prior industrial uses and underground storage tanks that will require remediation.
City staff framed the incentive request and fiscal context. David Bushek, chief counsel for economic development and planning, summarized the developer's request as a combination of two primary…
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