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File #: G19-810   
Type: Council Consent Status: Agenda Ready
File created: 5/14/2019 In control: City Council
On agenda: 6/4/2019 Final action:
Title: Consideration of Resolution No. 19-1041 expressing the intent to issue industrial revenue bonds on behalf of Stag's Ridge, LLC near Santa Fe St. and K-7. (Sales Tax Exemption only)
Staff Contact: Dianna Wright, Emily Vincent
Attachments: 1. Attachment A: Application, 2. Attachment B: Resolution No. 19-1041

Department: Resource Management                     

Staff Contact: Dianna Wright/Emily Vincent

Subject: Consideration of Resolution No. 19-1041 expressing the intent to issue industrial revenue bonds on behalf of Stag’s Ridge, LLC near Santa Fe St. and K-7. (Sales Tax Exemption only)

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Item Description:

title

Consideration of Resolution No. 19-1041 expressing the intent to issue industrial revenue bonds on behalf of Stag’s Ridge, LLC near Santa Fe St. and K-7. (Sales Tax Exemption only)

Body

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Summary:

The City has received a $15,000,000 industrial revenue bond application from Stag’s Ridge, LLC to finance the costs of acquiring, constructing and equipping a commercial project near Santa Fe St. and K-7.   The project site is approximately 24 acres located north of the Walmart complex at Santa Fe St. and K-7.

The bonds will be issued to obtain 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. 19-1041 expressing the intent to issue industrial revenue bonds on behalf of Stag’s Ridge, LLC

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Attachment(s):

Attachment A:  Application         Attachment B:  Resolution No. 19-1041