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