Focus Area: Economy
Staff Contact: Dianna Wright
Subject: Consideration of the assignment of the resolution, lease agreement, and related bond documents by LE Commerce Center, LLC (Building I Project) in connection with $13,880,000 in industrial revenue bonds to Sealy West 167th Street, LLC.
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Item Description:
title
Consideration of Resolution No. 21-1025 assigning the resolution, lease agreement and related bond documents by LE Commerce Center, LLC in connection with $13,880,000 in industrial revenue bonds to Sealy West 167th Street, LLC.
Body
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Summary:
The City previously approved Resolution 17-1073 (Attachment A) authorizing the issuance of not to exceed $13,880,000 in industrial revenue bonds to LE Commerce Center, LLC for the acquiring, constructing, installing, furnishing, and equipping an industrial facility located on a 16 acre lot on the north side of 167th Street, west of Lone Elm Road (Lone Elm Commerce Center Industrial Park).
The City then approved Ordinance 19-69 (Attachment B) authorizing the issuance of not to exceed $13,880,000 in industrial revenue bonds to LE Commerce Center, LLC for the construction of a 210,000 square foot industrial facility.
LE Commerce Center, LLC has requested to assign the $13,880,000 in industrial revenue bonds that were issued to Sealy West 167th Street, LLC.
Attached is Resolution No. 21-1025 (Attachment C) prepared by Gilmore & Bell, P.C., the City’s bond counsel consenting to the assignment.
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Financial Impact:
None
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Action Needed:
Approve Resolution No. 21-1025
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Attachment(s):
A. Master Resolution 17-1073
B. Ordinance No. 19-69
C. Resolution No. 21-1025