The Lee's Summit Tax Increment Financing Commission (let's hear it for levels of bureaucracy I didn't know existed) voted 6-4 to recommend that the city council approve the project. The recommendation is essential given the way that Legoland wants to pay for the park, which would open in 2009.
Financing for the Lee's Summit project depends on revenue bonds to be repaid by local and state tax-increment financing and a Community Improvement District that adds an extra 1-cent sales tax.
The cost of constructing the Legoland theme park is estimated at $155 million, with the developers paying $48 million. Tax-increment financing, in which part of new tax revenue generated by development is used to pay some costs, would be used for such things as roads and infrastructure improvements.
The project, even if approved by Lee's Summit officials, is contingent on getting approval of a state TIF from the Missouri Department of Economic Development and from the General Assembly.
Developers said the city could gain $121 million in new revenue during the 23-year life of the TIF. The Lee's Summit School District would get an additional $51 million, they said, and Jackson County $84 million.
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