New business

Olathe to give your opinion $ 76M request to support the new business park

OLATHE, Kan. – Next week, Olathe City Council will consider a proposal to build a $ 76 million business park south of Interstate 35.

BlueScope property group Seeks the approval of a main resolution for the construction of four warehouses totaling 640,150 square feet near 159th Street and Lone Elm Road.

Olathe received a request to issue industrial tax bonds [IRB] and 10 years, 50% tax deduction for the project.

The developer is also seeking approval for the first phase of construction to construct a 236,160 square foot building in the northeast corner of 159th Street and Lone Elm Road.

Under the master resolution, the first phase would include issuing $ 23,441,712 in RIR to cover the cost of acquiring land, constructing the building and purchasing furniture and equipment for the warehouse.

According to city records, $ 1,121,712 will be used to purchase the land; $ 14,400,000 will be used for the construction of the building, with an additional $ 6.52 million earmarked to cover additional construction costs, and $ 1,400,000 will be used to purchase furniture and equipment.

The project is expected to create 158 new jobs over the next decade and provide employees with an average annual salary of $ 38,000 in the first year.

During the 10-year reduction period, the first phase of the new development is expected to generate $ 170,318 in annual property taxes for all jurisdictions. At the end of the reduction period, the project is expected to provide $ 1,703,175 in annual property taxes for all jurisdictions.

Olathe currently receives approximately $ 37 in property tax income from the property as it is today. At the end of the tax abatement period, the city would receive approximately $ 65,988 in annual property tax revenue on the property.

On November 2, the Olathe city council will hold a public hearing before voting on the main resolution and the first phase project.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *