(Published in The Gardner News on October 24, 2018)
SUMMARY OF ORDINANCE NO. 18-49
On October 16, 2018, the governing body of the City of Olathe, Kansas passed an ordinance entitled:
AN ORDINANCE AUTHORIZING THE ISSUANCE BY THE CITY OF OLATHE, KANSAS OF NOT TO EXCEED $102,000,000 AGGREGATE PRINCIPAL AMOUNT OF TAXABLE INDUSTRIAL REVENUE BONDS (GARMIN REALTY, LLC PROJECT), SERIES 2018, TO PROVIDE FUNDS TO ACQUIRE, CONSTRUCT AND EQUIP A PROJECT FOR GARMIN REALTY, LLC AND AUTHORIZING AND APPROVING CERTAIN DOCUMENTS AND ACTIONS IN CONNECTION WITH THE ISSUANCE OF SAID BONDS.
The Ordinance authorizes the Issuer to issue its Taxable Industrial Revenue Bonds (Garmin Realty, LLC Project), Series 2018 in the maximum principal amount of $102,000,000 for the purpose of (a) acquiring, constructing, improving and equipping an approximately 750,000 square foot manufacturing and distribution facility to be located at approximately 151st Street and Ridgeview Road in Olathe, Kansas and (b) paying certain costs of issuance as more fully described in the Bond Indenture, the Base Lease Agreement and Lease Agreement authorized by the Ordinance. The Project will be leased by the City to Garmin Realty, LLC, a Kansas limited liability company. In connection with the issuance of the Bonds, the Issuer approves a 10-year exemption from ad valorem property taxes for the Project, subject to certain payments in lieu of taxes. A complete text of the Ordinance may be obtained or viewed free of charge at the office of the City Clerk, Olathe City Hall, 100 E. Santa Fe Street, Olathe, Kansas 66061. A reproduction of the Ordinance is available for not less than 7 days following the publication date of this Summary at http://www.olatheks.org/government/city-clerk/public-notices.
This Summary is hereby certified to be legally accurate and sufficient pursuant to the laws of the State of Kansas.
DATED: October 16, 2018.
/s/ Ronald R. Shaver
Ronald R. Shaver, City Attorney