Special to The Gardner News
The Edgerton City Council met on May 10 and moved two LPKC projects forward, including “Project Mustang,” the first developments south of I-35 in LPKC Phase II. Council also considered the 2018 Street Maintenance Program and waiving code prohibiting alcohol sales during Frontier Days.
2018 Annual Street Maintenance Program
The council considered approval of 2018 Annual Street Maintenance Program, with McAnany Construction, Inc. for Ultrathin Bonded Asphalt Surface (UBAS) & Mill and Overlay.
UBAS is a new maintenance application Edgerton. It is used to extend the useful life of a roadway by placing a thin, course aggregate hot mix of a special asphalt membrane. This membrane prevents water leakage and provides a superior bond to the existing asphalt. UBAS can be installed quickly and has a longer life span than a basic seal.
The streets that will get the UBAS treatment are: W. 1st Street (56 Highway to Edgewood Dr) & W 8th Street (56 Highway to W Nelson St.), for a total of approximately 11,474 square yards of Ultrathin Bonded Asphalt Surface at an estimated cost of $89,719.00.
Streets that will get Mill and Overlay treatment are: W. 7th Street (W. Nelson Street to End of Roadway) & W. Hulett Street (W 7th Street to End of Roadway) for a total of approximately 3,400 square yards of Mill and Overlayat an estimated cost of $42,493.75.
With a 4-0 vote, council approved the 2018 Annual Street Maintanace Plan of the above-mentioned locations in an amount not to exceed $132,212.75.
Project Mustang – IRB’s
The city received an application for industrial revenue bonds and property tax abatement from Wellsville Farms, LLC. Wellsville Farms, LLC desires to construct two approximately 1 million sq. ft. warehouse, office, manufacturing and distribution facilities on approximately 205 acres of land near the northeast corner of 207th Street and Homestead Lane. The project has been previously identified as “Project Mustang” and is being constructed for use by Kubota.
A public hearing was held and Columbia Capital Management, LLC presented a cost-benefit report for the proposed project.
The subject property is approximately 205 acres and will house two 1,000,000 square foot warehousing facilities. The city will grant a 100 per cent property tax abatement for 10 years with the applicant paying an annual payment-in-lieu-of-taxes (PILOT) equal to $0.16 per square foot on the project ($320,000 per year).
The report advises council that “the presence of the abatements has been and will continue to be a necessary condition to the development of the project” [LPKC].
The Resolution of Intent evidences the intent of the city to issue up to $100,000,000 in industrial revenue bonds to finance the project.
Council approved Resolution No. 05-10-18G was approved by 4-0 vote.
ColdPoint Expansion – IRB’s
Edgerton received an application for industrial revenue bonds and property tax abatement from ColdPoint Logistics Real Estate, LLC for a project located in the Logistics Park, consisting of an approximately 173,770 sq. ft. expansion to an existing approximately 314,000 sq. ft. warehouse and cold-storage distribution facility, located at 31301 W 181st Street, Edgerton (the “Project”).
The city previously adopted Resolutions expressing the intent of the city to issue industrial revenue bonds for the Project.
The ordinance before council tonight authorizes the city to issue up to $28,000,000 of industrial revenue bonds for the project.
The bonds will be limited obligations of the city. This means that Edgerton has to make payments on the bonds to ColdPoint Logistics Real Estate, as the owner of the bonds only to the extent the city receives payments from ColdPoint Logistics Real Estate pursuant to the lease. If lease payments from ColdPoint Logistics Real Estate insufficient to cover scheduled debt service on the bonds, the city is not obligated to make up any shortfall from any other funds of the city.
The bonds are not a general obligation of the city and do not count against the city’s debt limit.
Council adopted Ordinance No. 1080 with a 4-0 vote.
Waiving Code on Alcohol sales
Edgerton Frontier Days will be held June 15-16, 2018. The Edgerton Frontier Days Committee has requested permission to sell and serve alcoholic liquor (i.e. alcoholic beverages other than 3.2 percentbeer) at the festival.
The council was presented with Resolution No. 05-10-18E which temporarily waives the city code prohibition on alcohol sales with a 4-0 vote.
The resolution also waives the City’s noise restrictions for the festival on Friday, June 15 and Saturday, June 16.