Focus Area: Economy
Staff Contact: Jamie Robichaud/Kaili Stowers
Subject: Consideration of Resolution No. 25-1034 expressing the intent to issue industrial revenue bonds on behalf of Montage Apartments at Mur-Len, LLC at 1051 N Mur-len Rd, Olathe Kansas (Sales Tax Exemption Only).
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Consideration of Resolution No. 25-1034 expressing the intent to issue industrial revenue bonds on behalf of Montage Apartments at Mur-Len, LLC at 1051 N Mur-len Rd, Olathe Kansas (Sales Tax Exemption Only).
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Summary:
The City has received a request from Montage Apartments at Mur-Len, LLC for $58,236,092 in industrial revenue bonds to finance the cost of acquiring, constructing, and equipping a mixed-use development at 1051 N Mur-Len Rd Olathe, Kansas.
The proposed project includes the development of a 515,205-square-foot multifamily and mixed-use commercial complex. It will consist of 384 apartment units, six leasable commercial spaces, a designated pad site for a corner commercial unit, and a gas station.
The Bonds will be issued to obtain a sales tax exemption on construction materials used for the project.
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Financial Impact:
All costs related to the issuance of the Bonds will be paid by the Applicant.
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Action Needed:
Approve Resolution No. 25-1034 expressing the intent to issue industrial revenue bonds on behalf of Montage Apartments at Mur-Len, LLC.
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Attachment(s):
A: Application
B: Resolution No. 25-1034