Department: Resource Management
Staff Contact: Dianna Wright/Emily Vincent
Subject: Consideration of Ordinance 19-71 authorizing issuance of the City’s taxable Industrial Revenue bonds in an amount not to exceed $3,000,000 to Carrier Series Plus, LLC, Series 2019, for the construction of a 21,400 sq. ft. industrial warehouse. (Lot 1 Project)
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Item Description:
title
Consideration of Ordinance 19-71 authorizing issuance of the City’s taxable Industrial Revenue bonds in an amount not to exceed $3,000,000 to Carrier Series Plus, LLC, Series 2019, for the construction of a 21,400 sq. ft. industrial warehouse. (Lot 1 Project)Body
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Summary:
On May 20, 2019 the City Council adopted Resolution No. 19-1040 (Attachment A), expressing the intent to issue an amount not to exceed $3,000,000 of the City’s taxable industrial revenue bonds (“bonds”) for the construction of an industrial warehouse located in the Olathe Commerce 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 JDC North Olathe Properties, 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 $3,000,000 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 Carrier Services Plus, LLC.
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Action Needed:
Approve Ordinance No. 19-71 authorizing the issuance of industrial revenue bonds to Carrier Services Plus, LLC.
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Attachment(s):
Attachment A: Resolution 19-1040 Attachment B: Ordinance No. 19-71