Department: Resource Management
Staff Contact: Dianna Wright/Ron Shaver/Emily Vincent
Subject: Consideration of Resolution No. 19-1071 adopting the Industrial Revenue Bond and Tax Abatement (IRB) Policy.
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Item Description:
title
Consideration of Resolution No. 19-1071 adopting the Industrial Revenue Bond and Tax Abatement (IRB) Policy. .
Body
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Summary:
The City reviews its Industrial Revenue Bond and Tax Abatement (IRB) Policy on an annual basis. This review is made to ensure that the IRB policy is keeping in line with the City Council’s economic development goals as well as market trends. The proposed policy modifications include the following;
• Adding a Community Benefit Component to the policy that requires the owner of a property receiving an incentive to (1) at all times be a dues-paying member in good standing with both the Olathe Chamber of Commerce and the Olathe Economic Development Council and (2) make an annual donation to the Olathe Community Fund in an amount to be determined in the sole discretion of the owner, but no less than $3,000 annually.
• Increasing the investment threshold for Sales Tax Exemption IRBs from $2.5m to $3m.
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Financial Impact:
None
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Action Needed:
Approve Resolution No. 19-1071 adopting the City’s Industrial Revenue Bond and Tax Abatement (IRB) Policy.
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Attachment(s):
Attachment A: Resolution No. 19-1071 IRB Policy