Focus Area: Economy
Staff Contact: Jamie Robichaud / Kathryn Messer
Subject: Consideration of Ordinance No. 25-45 authorizing issuance of the City's taxable industrial revenue bonds in an amount not to exceed $257,000,000 for Red Kingfisher, LLC (Walmart) for the construction of a 320,000 square foot beef processing and packaging production facility on approximately 60 acres of a 138-acre site located near the northwest corner of 167th Street & 169 Highways.
________________________________________________________________________________
title:
title
Consideration of Ordinance No. 25-45 authorizing issuance of the City's taxable industrial revenue bonds in an amount not to exceed $257,000,000 for Red Kingfisher, LLC (Walmart) for the construction of a 320,000 square foot beef processing and packaging production facility on approximately 60 acres of a 138-acre site located near the northwest corner of 167th Street & 169 Highways.
Body
________________________________________________________________________________
Summary:
Upon approval of Resolution No. 23-1021 on March 21, 2023, the City expressed intent to issue an amount not to exceed $257,000,000 of the City’s taxable industrial revenue bonds (“bonds”) for the construction of a 320,000 square foot beef processing and packaging production facility.
The project will receive a 10 year, 50% tax phase-in in conjunction with the issuance of the industrial revenue bonds up to $257,000,000.
The Ordinance (Attachment B), prepared by the City’s Bond Counsel, Gilmore & Bell, P.C., will authorize the issuance of bonds not to exceed $257,000,000 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.
________________________________________________________________________________
Financial Impact:
All costs related to the issuance of the bonds will be paid by Red Kingfisher, LLC.
________________________________________________________________________________
Action Needed:
Approve Ordinance No. 25-45
________________________________________________________________________________
Attachment(s):
A. Resolution No. 23-1021
B. Ordinance No. 25-45