Focus Area: Legal
Staff Contact: Ron Shaver
Subject: Consideration of a First Amendment to the Olathe Gateway Development Agreement between the City of Olathe, Kansas and Loretto Commercial Development, LLC.
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title:
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Consideration of a First Amendment to the Olathe Gateway Development Agreement between the City of Olathe, Kansas and Loretto Commercial Development, LLC.
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Summary:
On November 19, 2024, the City Council made several approvals related to the Olathe Gateway project, including 1) adoption of Ordinance No. 24-49 adopting a STAR Bond Project Plan for Project Area 1 of the Olathe Gateway Star Bond Project District and a Development Agreement for the Olathe Gateway Project, 2) Ordinance no. 24-50 establishing the 119th Street and Renner Community Improvement District, and 3) Ordinance No. 24-51 regarding a substantial change to an existing redevelopment district plan and the adoption of a redevelopment project plan. These approvals pertained to the design, development, construction, and operation of a major commercial entertainment and tourism destination and major multi-sport athletic complex on the Project Site generally located at the southwest corner of the intersection 119th Street and Renner Boulevard, which project is proposed to include (i) an approximately 5,000 -seat multi-sport arena; (ii) a unique ultra-accessible amusement park designed to accommodate all families, including those with children who have special needs, including fully-accessible rides, games, and interactive events and experiences, and (iii) retail, restaurant and hospitality offerings and amenities (collectively, the “Project”).
The First Amendment to the Olathe Gateway Development Agreement (Attachment A) extends the commencement date of the Project from July 15, 2025 to February 15, 2026, as evidenced by Developer obtaining a building permit and entering into a guaranteed maximum price contract for the Arena and Amusement Park. The amendment also adds certain state reporting requirements as required by K.S.A. 74-50,226 et seq., adopted by the Kansas Legislature during the 2025 Legislative Session.
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Financial Impact:
The Developer’s investment would result in increased tax revenues to the City.
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Action Needed:
Approve the First Amendment to the Olathe Gateway Development Agreement between the City of Olathe, Kansas and Loretto Commercial Development, LLC.
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Attachment(s):
A: First Amendment to Development Agreement