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Title:
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Consideration of Resolution No. 25-1077 expressing the intent to issue industrial revenue bonds on behalf of Olathe Station North, LLC in an amount not to exceed $17,770,500 (Sales Tax Exemption Only).
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FOCUS AREA: Economy
STAFF CONTACT: Jamie Robichaud / Kathryn Messer
SUBJECT: Consideration of Resolution No. 25-1077 expressing the intent to issue industrial revenue bonds on behalf of Olathe Station North, LLC in an amount not to exceed $17,770,500 (Sales Tax Exemption Only).
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TITLE:
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Consideration of Resolution No. 25-1077 expressing the intent to issue industrial revenue bonds on behalf of Olathe Station North, LLC in an amount not to exceed $17,770,500 (Sales Tax Exemption Only).
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SUMMARY:
The City has received a request from Olathe Station North for $17,770,500 in industrial revenue bonds to finance the cost of acquiring, redevelopment, and improvements of certain real property generally located at the south west corner of 119th and Black Bob Road.
The Bonds will be issued to obtain a sales tax exemption on construction materials used for the project.
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FINANCIAL IMPACT:
All costs related to the issuance of the Bonds will be paid by the Applicant.
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ACTION NEEDED:
Approve Resolution No. 25-1077 expressing the intent to issue industrial revenue bonds on behalf of Olathe Station North, LLC. (sales tax exemption only)
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ATTACHMENT(S):
A. Application
B. Resolution No. 25-1077