Focus Area: Economy
Staff Contact: Jamie Robichaud, Kate Messer
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title:
title
Report on a request of 167 Olathe 4, LLC and 167 Olathe 5, LLC, and assigns for an issuance request for a master resolution for industrial revenue bonds and tax phase-in for the construction of manufacturing facilities. The project will entail approximately three buildings totaling 1,500,000 square feet on a total of 118.08 acres located on the southwest corner of 167th & Lone Elm Road.
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recommended motion:
Accept report. A resolution regarding the project is scheduled for the August 18th City Council meeting.
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Summary:
The City has received a master resolution application for $239,834,780 in industrial revenue bonds for the construction of three building totaling 1,500,000 square feet in manufacturing facilities. The project is located on approximately 118.08 acres on the southwest corner of 167th & Lone Elm Road.
The Applicant requests a 10-year/80% property tax phase-in in conjunction with the issuance of the City’s industrial revenue bonds. This project is applying under the City’s tax abatement policy (Policy F-5).
A cost-benefit analysis is not required for consideration of the master resolution. Consistent with City policy and statutory requirements, a cost-benefit analysis will be completed and provided with the first series project request.
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Financial Information:
Fiscal impact information will be completed and provided with the first series project request.
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Attachment(s):
A: Application
B: Resolution 26-XXXX