Focus Area: Economy
Staff Contact: Jamie Robichaud / Kathryn Messer
Subject: Report on Request by Aspen Funds, LLC and Assigns to Amend Resolution 25-1031 (Master Resolution)
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title:
title
Report on Request by Aspen Funds, LLC and Assigns to Amend Resolution 25-1031 (Master Resolution)
Body
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Summary:
On May 6, 2025, the City Council adopted Resolution No. 25-1031, determining the City’s intent to issue industrial revenue bonds in an aggregate principal amount not to exceed $140,350,000 for the benefit of Aspen Funds, LLC, a Wyoming limited liability company. The bonds would finance the acquisition of land and the construction and equipping of a business park consisting of approximately six flex office and industrial buildings totaling approximately 1,092,315 square feet, along with related infrastructure, generally located at the southeast corner of Hedge Lane and 167th Street.
At the request of the Company, the governing body is now considering an amendment to increase the property tax abatement from 50% to up to 80% of eligible mills, consistent with the City’s updated Industrial Revenue Bond and Property Tax Abatement Policy. The updated policy allows an additional abatement of up to 30% for qualifying warehouse, distribution, logistics, manufacturing, and data center projects located within a targeted development area identified in Exhibit B of the policy.
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Financial Impact:
See attached materials for more detailed fiscal impact information. All costs related to the issuance of bonds will be paid by Aspen Funds, LLC.
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Action Needed:
Accept report. A public hearing and resolution regarding the project will go before the City Council at its April 7th meeting.
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Attachment(s):
A. Application
B. Firm Data Sheet
C. Resolution No. 25-1031
D. Letter Requesting Amendment
E. Site Aerial
F. Resolution No. 26-XXXX