Focus Area: Economy
Staff Contact: Jamie Robichaud / Kathryn Messer
Subject: Consideration of Ordinance No. 26-09 authorizing issuance of industrial revenue bonds on behalf of Cedar Creek Development VIII, LLC in an amount not to exceed $15,355,272 (Sales Tax Exemption Only).
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Consideration of Ordinance No. 26-09 authorizing issuance of industrial revenue bonds on behalf of Cedar Creek Development VIII, LLC in an amount not to exceed $15,355,272 (Sales Tax Exemption Only).
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Summary:
On October 15th, 2024, the City Council approved Resolution No. 24-1060 (Attachment B), authorizing the issuance of industrial revenue bonds in an amount not to exceed $15,355,272 for the benefit of Cedar Creek Development VIII, LLC. to finance the costs of acquiring, constructing and equipping an approximately 32,596 square foot commercial facility at Cedar Creek Corporate Park.
This project is for the expansion of the Atmos Energy regional headquarters with the construction of a service center across the street from their current facility.
The Ordinance (Attachment C), prepared by the City’s Bond Counsel, Gilmore & Bell, P.C., will authorize the issuance of bonds not to exceed $15,355,272 for the Project. The bonds are a special obligation of the City, paid solely by revenues generated by the Project. 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 Impact:
All costs related to the issuance of the Bonds will be paid by Cedar Creek Development VIII, LLC.
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Action Needed:
Approve Ordinance No. 26-09
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Attachment(s):
A. Application
B. Resolution No. 24-1060
C. Ordinance No. 26-09