Another warehouse is set to locate in Logistics Park Kansas City, Edgerton council members were told at their Aug. 25 meeting.
The applicant is Coldpoint Logistics Real Estate, LLC. The property is about 62 acres and will house an estimated 161,000 square foot cold storage distribution and warehousing facility.
As required by state statute, the council reviewed a cost benefit analysis which assumes a 100 percent property tax abatement for 10 years with the applicant paying an annual payment-in-lieu-of-taxes equal to 21 cents per square foot of the building constructed, or about $33,800 per year.
Most of the property within the LPKC had been zoned agricultural, and the anticipated property tax/PILOT receipts assumed a tax burden of $50 per acre, based on November 2015 rates published by Johnson County, according to the report.
As presented, Edgerton would receive an annual net tax gain of about $6,600, Fire District #1 about $3,100; and Gardner Edgerton schools about $9,700.
The study assumes the state’s school finance formula will increase or decrease district state aid based on enrollment. Due to ongoing litigation regarding school finance, a block grant funding has been temporarily imposed but its constitutionally is yet to be determined.
About 20 jobs are expected to be created with an additional 7 students added to the school district; 4 to Edgerton and 7 in county.
The cost benefit analysis was conducted by Columbia Capital Municipal Advisors.