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 in multiple series, the maximum aggregate principal amount of all series not to exceed $1,000,000,000 (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 in multiple series under authority of K.S.A. 121740 et seq., as amended, to provide funds for acquiring, constructing and equipping a commercial project, consisting of a logistics park known as The Logistics Park-KC, Phase 2 (the “Logistics Park Phase 2”). The Logistics Park Phase 2 will consist of numerous distribution, warehouse, manufacturing and/or office facilities (the “Logistics Park Projects”) built in multiple phases over time and is located near and supports the BNSF intermodal facility. The City intends to either own or lease each building in the Logistics Park Phase 2 and further intends to lease or sublease each building to Edgerton Land Holding Company, LLC, or its affiliates or related entities or assigns (the “Applicant”).
The Logistics Park Phase 2 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. A map showing the approximate location of the Logistics Park Phase 2 is available for public viewing at the Edgerton Community Building.
The Applicant has requested a 10-year, 100% property tax abatement for the property constructed or acquired with the proceeds of each series of the Bonds. The Applicant has agreed to make a payment-in-lieu of tax equal to $0.16 a sq. ft. during each year the property is exempt. It is anticipated that a separate series of the Bonds will be issued for each Logistics Park Project, and that each Logistics Park Project will receive a separate 10-year property tax abatement.
The City Council will not consider passage of a resolution of intent evidencing its intent to issue the Bonds until the public hearing has been concluded. A copy of the proposed resolution of intent 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