NOTICE OF PUBLIC HEARING
AND OF
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 several series of industrial revenue bonds which have been issued by the City, and in regard to exemptions from ad valorem taxation for property constructed or purchased with the proceeds of the bonds.
 
The City has previously issued the following industrial revenue bonds:
 

  • $25,000,000 aggregate maximum principal amount of the City’s Industrial Revenue Bonds (ELHC I, LLC Project), Series 2013, for an approximately 500,000 sq. ft. warehouse and distribution facility located at 31608 W. 191st Street, Edgerton, Kansas, which project has been subleased to Eagle Exchange Company, LLC;

 

  • $25,000,000 aggregate maximum principal amount of the City’s Industrial Revenue Bonds (ELHC IV, LLC Project), Series 2014, for an approximately 574,111 sq. ft. warehouse and distribution facility located at 18905 Kill Creek Road, Edgerton, Kansas, which project has been subleased to ELHC IV, LLC;

 

  • $34,000,000 aggregate maximum principal amount of the City’s Industrial Revenue Bonds (ELHC XI, LLC Project), Series 2015, for an approximately 765,160 sq. ft. warehouse and distribution facility located at 30910 W. 191st Street, Edgerton, Kansas, which project has been subleased to ELHC XI, LLC; and

 

  • $29,000,000 aggregate maximum principal amount of the City’s Industrial Revenue Bonds (ELHC XII, LLC Project), Series 2015, for an approximately 657,000 sq. ft. warehouse and distribution facility located at 30810 W. 191st Street, Edgerton, Kansas, which project has been subleased to ELHC XII, LLC.

 
The industrial revenue bond projects listed above are collectively referred to in this notice as the “Bond Financed Projects.”
 
The City entered into a Performance Agreement with the sublessee of each of the Bond Financed Projects.  Each Performance Agreement requires the sublessee to make annual payments-in-lieu of tax equal to 25% of the property taxes that would have been due but for such property tax abatement.
 
The City now desires to amend each Performance Agreement to amend the payment-in-lieu of tax payment.  The amended Performance Agreements will require each sublessee to make an annual payment-in-lieu of tax payment equal to $0.21 a sq. ft. calculated on the square footage of each building constructed with the proceeds of the applicable series of industrial revenue bonds.  The new payment-in-lieu of tax amounts will be effective for the tax year beginning with the current tax year (2015) and ending on the date of the last tax payment currently specified in each Performance Agreement.
 
The City Council will not consider passage of the resolution authorizing the amendment of each Performance Agreement until the public hearing has been concluded.  A copy of the proposed resolution and an updated 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.
 
Janeice Rawles
City Clerk
404 E. Nelson Street
Edgerton, Kansas  66021
(913) 893-6231