Focus Area: Economy
Staff Contact: Jamie Robichaud / Kathryn Messer
Subject: Consideration of Ordinance No. 25-47 authorizing issuance of the City's taxable industrial revenue bonds in an amount not to exceed $1,085,000 for PT Property LLC, (Pizza 51 South) for the redevelopment of an existing 1,715 sf building and addition of 1,690 sf. The redeveloped facility will total 3,405 sf with a 880 sf patio to house Pizza 51 at 200 S. Kansas Avenue.
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Consideration of Ordinance No. 25-47 authorizing issuance of the City's taxable industrial revenue bonds in an amount not to exceed $1,085,000 for PT Property LLC, (Pizza 51 South) for the redevelopment of an existing 1,715 sf building and addition of 1,690 sf. The redeveloped facility will total 3,405 sf with a 880 sf patio to house Pizza 51 at 200 S. Kansas Avenue.
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Summary:
Upon approval of Resolution No. 24-1068 on December 3rd, 2024, the City expressed intent to issue an amount not to exceed $1,085,000 of the City’s taxable industrial revenue bonds (“bonds”) for the redevelopment of a existing 1,715 sf building and addition of 1,690 sf. The redeveloped facility will total 3,405 sf with a 880 sf patio to house Pizza 51 at 200 S. Kansas Avenue.
The project will receive a 10 year, 100% tax phase-in in conjunction with the issuance of the industrial revenue bonds up to $1,085,000.
The Ordinance (Attachment B), prepared by the City’s Bond Counsel, Gilmore & Bell, P.C., will authorize the issuance of bonds not to exceed $1,085,000 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 PT Property, LLC.
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Action Needed:
Approve Ordinance No. 25-47
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Attachment(s):
A. Resolution No. 24-1068
B. Ordinance No. 25-47