Focus Area: Economy
Staff Contact: Jamie Robichaud
Subject: Consideration of Resolution No. 25-1053 expressing the intent to issue industrial revenue bonds on behalf of Inclusion Connections, Inc. at 11501 S Ridgeview Road in an amount not to exceed $18,345,000 (sales tax exemption only)
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title:
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Consideration of Resolution No. 25-1053 expressing the intent to issue industrial revenue bonds on behalf of Inclusion Connections, Inc. at 11501 S. Ridgeview Road in an amount not to exceed $18,345,000 (sales tax exemption only).
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Summary:
The City has received a request from Inclusion Connections, Inc. for $18,345,000 in industrial revenue bonds to finance the cost of acquiring, constructing, and equipping an approximately 70,000 square feet, three story commercial multifamily facility.
The Council approved the special use permit for this project in 2023 as a mixed use, commercial development.
The bonds will be issued to obtain a sales tax exemption on construction materials used for this project.
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Financial Impact:
The estimated City portion of sales tax that would be exempt (assuming all materials and equipment were bought in Olathe) is up to $135,000.
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Action Needed:
Approve Resolution No. 25-1053 expressing the intent to issue industrial revenue bonds on behalf of Inclusion Connections, Inc. (sales tax exemption only)
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Attachment(s):
A. Application
B. Resolution No. 25-1053