Focus Area: Economy
Staff Contact: Jamie Robichaud / Kate Messer
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title:
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Consideration of Ordinance No. 26-32 authorizing issuance of the City's taxable industrial revenue bonds in an amount not to exceed $6,600,000 for Cherry Santa Fe, LLC for the construction of a 10,859 sq ft multi-tenant restaurant/retail project at 114-126 N Cherry Street.
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recommended motion:
One vote is needed:
1.) Make a motion and vote to consider approval of Ordinance No. 26-32
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Summary:
Upon approval of Resolution No. 25-1027 on April 1, 2025, the City expressed intent to issue an amount to exceed $7,031,629 of the City’s taxable industrial revenue bonds (“bonds”) for the construction of a 10,859 sq f commercial facility.
The project will receive a 10 year, 100% tax phase-in in conjunction with the issuance of the City’s revenue bonds up to $6,600,000.
The Ordinance (Attachment B), prepared by the City’s Bond Counsel, Gilmore & Bell, P.C., will authorize the issuance of bonds not to exceed $6,600,000 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 Information:
All costs related to the issuance of the bonds will be paid by Cherry Santa Fe, LLC
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Attachment(s):
A. Resolution No. 25-1027
B. Ordinance No. 26-32