NOTICE OF PUBLIC HEARING
ISSUANCE OF INDUSTRIAL REVENUE BONDS
Public notice is hereby given that the City Council of the City of Edgerton, Kansas (the “City”), will conduct a public hearing on Thursday, April 9, 2015, at 7:00 p.m., or as soon thereafter as may be heard, at the Edgerton Community Building, 404 E. Nelson Street, Edgerton, Kansas, in regard to the proposed issuance by the City of its Industrial Revenue Bonds in multiple series, the maximum aggregate principal amount of all series not to exceed $1,000,000,000 (the “Bonds”) and in regard to an exemption from ad valorem taxation for property constructed or purchased with the proceeds of the Bonds.
The Bonds are proposed to be issued in multiple series under authority of K.S.A. 12‑1740 et seq., as amended, to provide funds for acquiring, constructing and equipping a commercial project, consisting of a logistics park known as The Logistics Park-KC (the “Logistics Park”). The Logistics Park will consist of numerous distribution, warehouse and office facilities (the “Logistics Park Projects”) built in multiple phases over ten to twenty years and is located near and supports the BNSF intermodal facility. The City intends to either own or lease each building in the Logistics Park and further intends to lease or sublease each building to Edgerton Land Holding Company, LLC, or its affiliates or related entities or assigns (“ELHC”).
The City previously held a public hearing and adopted a resolution of intent for the issuance of not to exceed $500,000,000 of industrial revenue bonds to finance Logistics Park Projects located on approximately 560 acres of land surrounded by 191st Street to the south, Waverly Road to the east and 56 Highway to the west, and a parcel of land located on the Northeast corner of 183rd Street and Waverly Road. The City desires to now increase the authorized amount of Bonds to $1,000,000,000. The City also desires to add additional land to the Logistics Park on which additional Logistics Park Projects will be constructed. The Logistics Park will now include all land that is located within the following boundaries, so long as the land located within the corporate limits of the City and owned by or leased to ELHC:
Highway 56 to the north, Interstate 35 to the south, Four Corners Road to the west and a line running north south that is approximately ½ mile east of Waverly Road to the east.
A map showing the approximate location of the Logistics Park is available for public viewing at the Edgerton Community Building or on the City’s website at www.edgertonks.org/BNSF.
The applicant, ELHC has requested a 10-year, 100% property tax abatement for the property constructed or acquired with the proceeds of each series of the Bonds. ELHC has agreed to make a payment-in-lieu of tax equal to $0.21 a sq. ft. during each year property is exempt. It is anticipated that a separate series of the Bonds will be issued for each Logistics Park Project, and that each Logistics Park Project will receive a separate 10-year property tax abatement.
The City Council will not consider passage of a resolution amending the resolution of intent evidencing its intent to issue the Bonds until the public hearing has been concluded. A copy of the proposed amendment to the resolution of intent of the City indicating the intent of the governing body of the City to issue the Bonds and a report analyzing the costs and benefits of such property tax exemption are on file in the office of the City Clerk and available for public inspection during normal business hours. All persons having an interest in this matter will be given an opportunity to be heard at the time and place above specified.
Dated this 1st day of April, 2015.
404 E. Nelson Street
Edgerton, Kansas 66021