Focus Area: Economy
Staff Contact: Jamie Robichaud / Kathryn Messer
Subject: Report on a request by Aspen Funds, LLC and assigns for a request for a master resolution for industrial revenue bonds and tax phase-in for the construction of twelve buildings totaling approximately 2,281,488 SF on approximately 150 acres located in the southwest corner of Hedge Lane and 175th St.
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Report on a request by Aspen Funds, LLC and assigns for a request for a master resolution for industrial revenue bonds and tax phase-in for the construction of twelve buildings totaling approximately 2,281,488 SF on approximately 150 acres located in the southwest corner of Hedge Lane and 175th St.
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Summary:
The City has received a master resolution application for $307,789,709 in industrial revenue bonds for the construction of 2,281,488 square feet total of flex office and industrial facilities consisting of approximately twelve buildings in a business park setting. This project is located on 159-acres at the southwest corner of Hedge Lane and 175th St.
The Applicant requests a 10-year / 80% property tax phase-in in conjunction with the issuance of the City’s industrial revenue bonds. This project is applying under the City’s tax abatement policy (Policy F-5, Resolution 2-1075).
A cost-benefit analysis is not required for consideration of the master resolution. Consistent with City policy and statutory requirements, a cost-benefit analysis will be completed and provided with the first series project request.
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Financial Impact:
Fiscal impact information will be completed and provided with the first series project request.
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Action Needed:
Accept report. Consideration of the resolution for the project is scheduled for the October 7th City Council meeting.
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Attachment(s):
A. Application
B. Firm Data Sheet