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Raymore council approves first reading to activate Chapter 100 tax abatement for Building 5 at Raymore Commerce Center South
Summary
The Raymore City Council on March 24 approved the first reading of an ordinance to issue taxable industrial revenue bonds under a Chapter 100 plan for KCI Raymore Building 5 LLC, a step that will activate a previously approved development agreement and a 20-year real-property tax abatement for Building 5 at the Raymore Commerce Center South.
The Raymore City Council on March 24 approved the first reading of an ordinance to issue taxable industrial revenue bonds under a Chapter 100 plan for KCI Raymore Building 5 LLC, a step that will activate a previously approved development agreement and a 20-year real-property tax abatement for Building 5 at the Raymore Commerce Center South.
City staff and bond counsel told the council the Chapter 100 mechanism requires the city to take title to the property, issue industrial revenue bonds and immediately lease the property back to the company; the company then makes rental payments equal to the bonds'debt service, and the company effectively purchases its own bonds in a paper transaction. "It's actually…
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