Focus Area: Economy
Staff Contact: Jamie Robichaud/John Page
Subject: Consideration of Ordinance No. 24-37 authorizing issuance of the City's taxable industrial revenue bonds in an amount not to exceed $4,000,000 for the construction of a 12,525 sq. ft. truck maintenance and storage facility located at the northeast corner of Dennis Avenue and Pine Street.
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Consideration of Ordinance No. 24-37 authorizing issuance of the City's taxable industrial revenue bonds in an amount not to exceed $4,000,000 for the construction of a 12,525 sq. ft. truck maintenance and storage facility located at the northeast corner of Dennis Avenue and Pine Street.
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Summary:
Upon approval of Resolution No. 22-1020 on Feb 15, 2022, the City expressed intent to issue an amount not to exceed $4,000,000 of the City’s taxable industrial revenue bonds (“bonds”) for the construction of an approximately 12,525 square truck maintenance and storage facility at the northeast corner of Dennis Avenue and Pine Street.
The project will receive a 10 year, 50% tax phase-in in conjunction with the issuance of the industrial revenue bonds up to $4,000,000.
The Ordinance (Attachment B), prepared by the City’s Bond Counsel, Gilmore & Bell, P.C., will authorize the issuance of bonds not to exceed $4,000,000 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.
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Financial Impact:
All costs related to the issuance of the bonds will be paid by Carrier Services Plus, LLC
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Action Needed:
Approve Ordinance 24-37
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Attachment(s):
A. Resolution No. 22-1020
B. Ordinance No. 24-37