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Clayton authorizes discharge of industrial revenue bonds and transfer to Centene; council approves ordinance
Summary
The board approved second reading and adopted an ordinance authorizing discharge of industrial revenue bonds issued to benefit Centene and transferring the project site and equipment to the company after it exercised its purchase option.
The Board of Aldermen on Sept. 9 adopted an ordinance authorizing the city manager to execute documents needed to discharge the city's taxable industrial revenue bonds issued in 2016 and 2017 for Centene Corporation and related entities, and to transfer the project site and associated improvements and equipment to the company. City staff said the bonds had been issued to facilitate tax abatement through a Chapter 100 industrial revenue bond structure; in that arrangement the city took title and leased the project to Centene. According to staff, Centene has exercised its option to purchase, and the ordinance authorizes the necessary documents to complete the discharge and transfer. Mark Grimm, bond counsel, was present for questions. Staff recommended adoption to clear the title and finalize the financing discharge. The board read Bill 7092 for first and second reading and adopted the ordinance after unanimous consent to consider it on the day of introduction. Ending: City staff said the action completes the discharge process and transfers the property and equipment to Centene as requested by the company and consistent with the Chapter 100 agreements.
