Focus Area: Economy
Staff Contact: Jamie Robichaud, Kate Messer
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title:
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Consideration of Ordinance No. 26-51 authorizing issuance of industrial revenue bonds on behalf of Scannell Properties #798, LLC in an amount not to exceed $55,000,000 for the construction of an industrial facility located at the northwest corner of Clare Road and 159th Street.
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recommended motion:
Make a motion and vote to consider approval of Ordinance No. 26-51
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Summary:
Upon approval of Resolution No. 26-1048 on June 2, 2026, the City expressed intent to issue an amount not to exceed $55,000,000 of the City’s taxable industrial revenue bonds (“bonds”) for the construction of an approximately 646,380 sqft industrial facility at the northwest corner of Clare Road and 159th Street.
The project will received a 10 year, 80% tax phase-in in conjunction with the issuance of the industrial revenue bonds up to $55,000,000. City staff and applicant have established a PILOT equivalent to a 80% tax abatement. Utilizing comparable facilities, year one of the PILOT will be $0.35 per square foot with an annual escalation of 2%.
The Ordinance (Attachment A), prepared by the City’s Bond Counsel, Gilmore & Bell, P.C. will authorize the issuance of bonds not to exceed $55,000,000 for the Project. The issuance of the Bonds will not, directly, indirectly or contingently, obligate the State or any political subdivision of the State to levy any form of taxation or to make any appropriation for the payment of the bonds. The Ordinance also authorizes the approval and execution of various documents required to facilitate the transaction under Kansas law, including a bond indenture and lease agreement.
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Financial Information:
All costs related to the issuance of the bonds will be paid by Scannell Properties #798, LLC.
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Attachment(s):
A: Resolution No. 26-1048
B: Ordinance No. 26-51