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Leawood council OKs intent to issue up to $25 million in industrial revenue bonds for mixed‑use project
Summary
The Leawood City Council unanimously adopted a resolution of intent to issue industrial revenue bonds (IRBs) of up to $25 million to support construction of a mixed‑use development by Leawood MXD LLC; the request is limited to a sales‑tax exemption on construction materials and equipment, not property‑tax abatement.
The Leawood City Council on April 25 unanimously adopted a resolution indicating the city’s intent to issue up to $25,000,000 in industrial revenue bonds to support the construction of a mixed‑use commercial and residential project for the benefit of Leawood MXD LLC.
The action gives the developer access to a state exemption certificate that would allow the project to avoid sales tax on construction materials, furniture, fixtures and equipment; the council and city bond counsel said the city is not being asked to provide a property‑tax abatement and would not pledge its full faith and credit to repay the bonds.
Bond counsel Kevin Wimpey, of Gilmore & Bell, told the council that IRBs in Kansas are typically used as an incentive vehicle and that “the city is prohibited from pledging its full faith and…
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