Special to The Gardner News
The Edgerton City Council approved an ordinance authorizing the city to issue revenue bonds of up to $10 million and passed another resolution of intent to issue a further $17 million in industrial revenue bonds.
The two resolutions were passed with little debate during the council’s Nov. 8 meeting.
According to the city, the $10 million home rule revenue bonds were issued for the purpose of providing funds to pay or reimburse the costs of public infrastructure improvements within the KC Logistics Park and in pursuant to a master trust indenture between the city and Commerce Bank which provides for the issuance of up to $100 million in home rule revenue bonds.
The city has earmarked the funds for several infrastructure projects including Waverly Road, Widmer Street, 183rd street and the 207th street grade separation.
The resolution of intent to issue $17million in industrial revenue bonds earmarks the funds for acquiring, constructing and equipping a container storage facility at the southeast corner of 191st St and Homestead Lane.
The resolution spells out that the bonds are repayable solely out of revenues derived from the project including rentals and receipts from the anticipated sub-lease of the property.
In other business
-the city approved an agreement with Columbia Capital for financial advisory services related to the financing of phase two of the logistics park.
-approved a $50,000 contract with Elevate Edgerton, a public-private entity dedicated to driving development in the city.