Shawnee County OKs intent to support $48 million industrial revenue bond for Westridge renovation

The Shawnee County Board of County Commissioners voted 3-0 Aug. 4 to adopt Resolution No. 2025-59 expressing the county’s intent to issue taxable industrial revenue bonds in an estimated principal amount of $48,000,000 for phase 1 of the Westridge Mall renovation and to enter a lease-purchase agreement with Dream Big Partners LLC.

The vote followed a public hearing at which Bob Perry, bond counsel for the county, and a county resident described the legal limits and public concerns around industrial revenue bonds, often called IRBs. Perry told commissioners, "industrial revenue bonds are not a tax. The county is not obligated for them. There's it's just a mechanism for funding for projects." He said the county cannot levy taxes to pay IRBs and that the Board of Tax Appeals, not the local government, decides whether an ad valorem exemption is granted.

Why it matters: The resolution adopted expresses only the board’s intent to proceed; it is not an authorization to issue bonds. Perry said a required cost-benefit analysis still must be filed and a separate hearing will be held at least seven days before the board would consider final bond issuance. The project proponent — identified in county filings as Dream Big Partners LLC — would be the bond purchaser and the ultimate obligor on any bonds, Perry said.

During public comment, Henry McClure of Topeka criticized the proposal’s fiscal concessions and asked the county to avoid tax exemptions for the developer. McClure said, "There isn't 1 nickel that should be forgiven in sales tax and add all the ad valorem taxes whatsoever," urging the board not to grant tax relief he described as unfair to residents. Commissioner Aaron Mays responded in the meeting that "the citizens of Shawnee County are not giving Advisors Excel $48,000,000," clarifying that the applicant entity would purchase the bonds and that taxpayers would not be on the hook if the borrower defaulted.

Officials said the first phase would include improvements to portions of the mall to accommodate Advisors Excel office space, HVAC, electrical and plumbing upgrades and reconfiguration of retail space. Perry said whether an ad valorem exemption would apply depends on the facility’s use and the Board of Tax Appeals; retail uses inside malls typically do not qualify for the exemption under the statutes he cited.

What’s next: County staff and bond counsel said a cost-benefit analysis will be prepared and posted; the board will publish notice and hold another hearing at least seven days before any future consideration to issue bonds or grant exemptions.

Provenance: The item was introduced at the commission’s agenda item labeled as "bond counsel 1" and proceeded through a public hearing, public comment and a 3-0 recorded vote to adopt Resolution No. 2025-59.