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 25, 2019, 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 (ELHC LI, LLC Project), in the approximate principal amount of $60,000,000 (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 under authority of K.S.A. 121740 et seq., as amended, to provide funds for acquiring, constructing and equipping a commercial project, consisting of an approximately 765,000 sq. ft. warehouse and distribution facility (the “Project”). The Project will be located at the northeast corner of Waverly Road and 207th Street in Edgerton, Kansas. The Project is located within The Logistics Park-KC, Phase 2, which is generally located southeast of the intersection of Interstate 35 and Homestead Lane and includes all of the land within the corporate limits of the City that is located south of Interstate 35. Information and a map showing the location of The Logistics Park-KC, Phase 2 are available for public viewing at the Edgerton Community Building. The City will acquire or lease the Project from ELHC LI, LLC, a Kansas limited liability company (the “Applicant”) and lease or sublease the Project to the Applicant, or its assigns. The Applicant has requested a 10-year, 100% property tax abatement for the Project. If this request is approved, the City will require the Applicant to make approximate annual payments-in-lieu of tax equal to $122,400 ($0.16 a sq. ft.).
The City Council will not consider passage of a resolution or assignment resolution evidencing its intent to issue the Bonds until the public hearing has been concluded. A copy of the proposed resolution of intent or assignment resolution 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 17th day of April, 2019.
404 E. Nelson Street
Edgerton, Kansas 66021