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Council moves forward on industrial revenue bonds and tax-abatement framework for Lowe’s distribution project
Summary
Bond counsel told the council the proposed industrial development revenue bonds and tax-abatement arrangement are for a Lowe’s warehouse project; the new landlord is an ElmTree special-purpose entity and Lowe’s will continue as operator.
City bond counsel Michelle Allgood told the council that the industrial development revenue bond transaction under consideration relates to a Lowe’s warehouse facility; the council held the required public hearing and no members of the public testified. Allgood told council members the project previously appeared before the council on Nov. 27, 2023, and that the underlying landlord/owner changed since that time. The new owner is a special-purpose ElmTree entity (ET v LaRock LLC); Lowe’s will remain the operator…
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