Focus Area: Economy
Staff Contact: Jamie Robichaud/Kaili Stowers
Subject: Consideration of Ordinance No. 25-15 authorizing issuance of industrial revenue bonds on behalf of KidsTLC Inc, at 15940 College Boulevard, Lenexa, Kansas (Sales Tax Exemption Only).
________________________________________________________________________________
title:
title
Consideration of Ordinance No. 25-15 authorizing issuance of industrial revenue bonds on behalf of KidsTLC Inc, at 15940 College Boulevard, Lenexa, Kansas (Sales Tax Exemption Only).
Body
________________________________________________________________________________
Summary:
On May 6th, 2025, the City Council approved Resolution No. 25-1033 (Attachment B), authorizing the issuance of industrial revenue bonds in an amount not to exceed $1,800,000 for the benefit of KidsTLC. Inc. to finance the costs of acquiring, constructing and equipping certain physical and mental health facilities of KidsTLC, Inc., including acquisition, construction and equipping of land and facilities located at 15940 College Boulevard, Lenexa, Kansas 66219.
It is intended that the interest on the bonds be exempt from federal and state income taxation.
A TEFRA (Tax Equity and Fiscal Responsibility) hearing was held on May 13th.
The Ordinance (Attachment C), prepared by the City’s Bond Counsel, Gilmore & Bell, P.C., will authorize the issuance of bonds not to exceed $1,800,000 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 KidsTLC. Inc.
________________________________________________________________________________
Action Needed:
Approve Ordinance No. 25-15
________________________________________________________________________________
Attachment(s):
A. Application
B. Resolution No. 25-1033
C. Ordinance No. 25-15