Focus Area: Economy
Staff Contact: Jamie Robichaud / Kathryn Messer
Subject: Consideration of Ordinance No. 25-39 authorizing issuance of the City’s taxable industrial revenue bonds in an amount not to exceed $3,200,000 for Business Garage Authority for the construction of a 33,000 square foot garage/flex office building at 15571 S Mahaffie St.
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Consideration of Ordinance No. 25-39 authorizing issuance of the City’s taxable industrial revenue bonds in an amount not to exceed $3,200,000 for Business Garage Authority for the construction of a 33,000 square foot garage/flex office building at 15571 S Mahaffie St.
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Summary:
Upon approval of Resolution No. 24-1067 on December 3rd, 2024, the City expressed intent to issue an amount not to exceed $3,200,000 of the City’s industrial revenue bonds (“bonds”) for the construction of a 33,000 square foot garage/flex office building.
The project will receive a 10 year, 50% tax phase-in in conjunction with the issuance of the industrial revenue bonds up to $3,200,000.
The Ordinance (Attachment B), prepared by the City’s Bond Counsel, Gilmore & Bell, P.C., will authorize the issuance of bonds not to exceed $3,200,000 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 Business Garage Authority, LLC.
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Action Needed:
Approve Ordinance No. 25-39
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Attachment(s):
A. Resolution No. 24-1067
B. Ordinance No. 25-39