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File #: G19-1161   
Type: New Business-Administration Status: Passed
File created: 10/22/2019 In control: City Council
On agenda: 11/5/2019 Final action: 11/5/2019
Title: Consideration of Ordinance 19-69 authorizing issuance of the City's taxable Industrial Revenue bonds in an amount not to exceed $13,880,000 to LE Commerce Center LLC, Series 2019, for the construction of a 210,000 sq. ft. distribution warehouse. (Building 1 Project)
Staff Contact: Dianna Wright, Emily Vincent
Attachments: 1. Attachment A: Resolution 17-1073, 2. Attachment B: Ordinance No. 19-69

Department: Resource Management

Staff Contact: Dianna Wright/Emily Vincent

Subject: Consideration of Ordinance 19-69 authorizing issuance of the City’s taxable Industrial Revenue bonds in an amount not to exceed $13,880,000 to LE Commerce Center LLC, Series 2019, for the construction of a 210,000 sq. ft. distribution warehouse. (Building 1 Project)

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Item Description:

title

Consideration of Ordinance 19-69 authorizing issuance of the City’s taxable Industrial Revenue bonds in an amount not to exceed $13,880,000 to LE Commerce Center LLC, Series 2019, for the construction of a 210,000 sq. ft. distribution warehouse. (Building 1 Project)Body

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Summary:

On November 7, 2017 the City Council adopted Resolution No. 17-1073 (Attachment A), expressing the intent to issue an amount not to exceed $13,880,000 of the City’s taxable industrial revenue bonds (“bonds”) for the construction of a distribution warehouse located in the Lone Elm Commerce Center Park.  This is a single series of bonds to be issued to cover the land and building costs.  This project is under a master resolution for 167th Street Land, LLC.

 

The Ordinance (Attachment B), prepared by the City’s Bond Counsel, Gilmore & Bell, P.C., will authorize the issuance of bonds not to exceed $13,880,000 for the project.  The bonds are a special obligation of the City, paid solely by revenues generated by the Project.  The Ordinance also authorizes the approval and execution of various documents required to facilitate the transaction under Kansas law, including a bond indenture and lease agreement.

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Financial Impact:

All costs related to the issuance of the bonds will be paid by LE Commerce Center LLC. 

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Action Needed:

Approve Ordinance No. 19-69 authorizing the issuance of industrial revenue bonds to LE Commerce Center LLC.

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Attachment(s):

Attachment A:  Resolution 17-1073             Attachment B:  Ordinance No. 19-69