Focus Area: Economy
Staff Contact: Jamie Robichaud/Kaili Stowers
Subject: Consideration of Resolution No. 25-1033 expressing the intent to issue industrial revenue bonds on behalf of KidsTLC Inc, at 15940 College Boulevard, Lenexa, Kansas (Sales Tax Exemption Only).
________________________________________________________________________________
title:
title
Consideration of Resolution No. 25-1033 expressing the intent to issue industrial revenue bonds on behalf of KidsTLC Inc, at 15940 College Boulevard, Lenexa, Kansas (Sales Tax Exemption Only).
Body
________________________________________________________________________________
Summary:
The City has received from KidsTLC, Inc., a Kansas not-for-profit corporation, a request for the issuance of industrial revenue bonds in two series in the aggregate principal amount of $1,795,000.
The bonds will be issued for the costs related to the acquisition, construction, and equipping of 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 has been scheduled for May 13th.
An ordinance authorizing the issuance of the bonds is anticipated to go before the City Council at its May 20th meeting.
________________________________________________________________________________
Financial Impact:
All costs related to the issuance of the Bonds will be paid by the Applicant.
________________________________________________________________________________
Action Needed:
Approve Resolution No. 25-1033 expressing the intent to issue industrial revenue bonds on behalf of KidsTLC, Inc.
________________________________________________________________________________
Attachment(s):
A. Application
B. Resolution No. 25-1033