Focus Area: Economy
Staff Contact: Jamie Robichaud/Kaili Stowers
Subject: Public Hearing and Consideration of Resolution No. 25-1031 and First Amendment to Annexation Agreement on a request by Aspen Funds, LLC and assigns for an issuance request for industrial revenue bonds and tax phase-in for a master resolution over a business park. The project will entail the construction of approximately six buildings totaling approximately 1,092,315 SF on approximately 98 acres located in the southeast corner of Hedge Lane and 167th Street
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Public Hearing and Consideration of Resolution No. 25-1031 and First Amendment to Annexation Agreement on a request by Aspen Funds, LLC and assigns for an issuance request for industrial revenue bonds and tax phase-in for a master resolution over a business park. The project will entail the construction of approximately six buildings totaling approximately 1,092,315 SF on approximately 98 acres located in the southeast corner of Hedge Lane and 167th St.
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Summary:
The City has received a master resolution application from Aspen Funds, LLC and assigns for approximately $140,350,000 in industrial revenue bonds for the construction of six flex office and industrial buildings totaling 1,092,315 square feet on 98 acres located near the southeast corner of Hedge Lane and 167th Street.
The Master Resolution requests a 10 year / property tax phase-in in conjunction with the issuance of the City’s industrial revenue bonds for projects submitted under this Master Resolution.
Resolution No. 25-1031 (Attachment F) determines the intent of the City to issue industrial bonds up to the $140,350,000 requested amount.
The cost-benefit ratio of this project for each jurisdiction is as follows:
• City of Olathe
o 1.5
o Payback expected to take 6 years.
• Johnson County
o 2.49
o Payback expected to take 4 years.
• Gardner-Edgerton School District
o 1.00
o Payback expected to take 10 years.
• Johnson County Community College
o 1.34
o Payback expected to take 8 years.
• State of Kansas
o 127.55
o Payback expected during construction period.
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Financial Impact:
See attached materials for more detailed fiscal impact information.
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Action Needed:
Two votes are needed:
1) Make a motion and vote to close the public hearing
2) Make a motion and vote to consider approval of Resolution No. 25-1031 and the First Amendment to Annexation Agreement
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Attachment(s):
A. Master Resolution Application
B. Master resolution Firm Data Sheet
C. Cost Benefit Analysis Master Resolution
D. Site Aerial
E. IRB Historical Cost Benefit Ratios
F. Resolution No. 25-1031
G. First Amendment to Annexation Agreement