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City approves up to $6 million industrial revenue bonds for Washington School, grants 10‑year tax abatement
Summary
The Pittsburg City Commission approved Ordinance S1112 authorizing up to $6 million in taxable industrial revenue bonds for the Washington School project and confirmed a 100% city tax abatement for 10 years, with certain state‑required levies (school capital outlay) remaining payable.
The Pittsburg City Commission on Nov. 12 approved Ordinance S1112, authorizing the city to issue taxable industrial revenue bonds, series 2025, for the Washington School project in an aggregate principal amount not to exceed $6,000,000. The vote followed a presentation from bond counsel JT Klaus and a short question period by commissioners.
Klaus, bond counsel with the law firm Spencer Vane, described the financing as conduit industrial revenue bonds: the Washington School will site‑lease the property to the city and lease the improved facility back to the school, with lease…
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