Focus Area: Economy
Staff Contact: Jamie Robichaud, Kate Messer
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title:
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Consideration of Resolution 26-1069 consenting to the assignment of a portion of the benefits of Resolution No. 17-1054 from Holmes 111, LLC to Olathe H2 LLC and Swami H2 LLC.
Body
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recommended motion:
Approve Resolution No. 26-1069 approving the assignment of a portion of the benefits of Resolution No. 17-1054 from Holmes 111, LLC to Olathe H2 LLC and Swami H2 LLC.
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Summary:
On August 1, 2017, the City Council approved Resolution No. 17-1054, authorizing the issuance of industrial revenue bonds in an amount not to exceed $21,000,000 for the benefit of Holmes 111, LLC to finance the costs of acquiring, constructing and equipping a commercial property near southeast corner of South Strang Line Road and South Strang Line Court. The bonds were authorized to be issued to obtain a sales tax exemption on construction materials used for the project.
Holmes 111, LLC desires to assign up to $8,500,000 of its interest to Olathe H2 LLC and Swami H2 LLC, to finance the cost of acquiring, constructing, and equipping a new hotel located approximately at the southeast corner of South Strang Line Road and South Strang Line Court.
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Financial Information:
None
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Attachment(s):
A: Resolution 26-1069
B: Letter from Holmes 111, LLC