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Park City Council approves three taxable industrial revenue bonds and other routine business
Summary
The council unanimously approved three taxable industrial revenue bond ordinances for Murdoch Properties ($6M), Kais Industries ($3M) and Midwest Truck Equipment ($3.5M), adopted a boundary resolution and approved several operational items in a 5-0 series of votes.
Park City’s City Council on Nov. 18 voted unanimously on a set of routine and development-related measures, authorizing three taxable industrial revenue bond (IRB) ordinances, adopting a boundary resolution and approving consent and procedural motions.
The most consequential items were three IRB ordinances presented by Sarah Steele of Gilmore and Bell. Steele described the Murdoch Properties package as a $6,000,000 taxable IRB covering two buildings at 5831 and 5971 North Biggs; she said the arrangement provides property-tax abatement and sales-tax exemption on construction materials and that the company will make a payment in lieu of taxes equal to 25% of the otherwise-assessed tax, equivalent to a…
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