Focus Area: Economy
Staff Contact: Chet Belcher, Kate Messer
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title:
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Consideration of Ordinance No. 26-57 authorizing issuance of the city’s taxable industrial revenue bonds in an amount not to exceed $5,000,000 for TSSOL Real Estate, LLC for the construction of an 8,500 sq ft commercial restaurant facility and 3,000 sq ft of other restaurant, retail, and/or other commercial uses that will be located on the northwest corner of Kansas Avenue and Loula Street.
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recommended motion:
Make a motion and vote to consider approval of Ordinance No. 26-57.
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Summary:
Upon approval of Resolution No. 24-1069 (Attachment A) on December 3, 2026, the City expressed intent to issue an amount not to exceed $6,500,000 of the City’s taxable industrial revenue bonds (“bonds”) for the construction of an 8,500 sq ft commercial restaurant facility and 3,000 sq ft of other restaurant, retail, and/or other commercial uses that will be located on the northwest corner of Kansas Avenue and Loula Street
The project will received a 10 year, 100% tax phase-in in conjunction with the issuance of the industrial revenue bonds up to $5,000,000.
The Ordinance (Attachment B), prepared by the City’s Bond Counsel, Gilmore & Bell, P.C. will authorize the issuance of bonds not to exceed $5,000,000 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:
Costs related to the issuance of the bonds will be paid by the City.
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Attachment(s):
A: Resolution No. 24-1069
B: Ordinance No. 26-57
C: Performance Agreement