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Andover council approves up to $25 million in IRBs to complete YMCA rebuild
Summary
The council adopted an ordinance authorizing up to $25 million in industrial revenue bonds to support the reconstruction and improvements of the Dr. Jim Farha Andover YMCA and water park following the 2022 tornado; council vote was 6-0.
City staff presented an ordinance to authorize issuance of up to $25 million in industrial revenue bonds to help finance reconstruction, furnishing and equipping of the Dr. Jim Farha Andover YMCA and water park. Staff noted the council previously passed a resolution of intent and that the facility was rebuilt after a direct hit from the 2022 tornado; the YMCA reopened in May, staff said. Shelley Hammond, identified in the meeting as CFO of the Greater Wichita YMCA, was present to answer questions.
Homer moved to adopt the ordinance authorizing IRB issuance ("up to $25,000,000 in city of Andover industrial revenue bonds"), Jody O'Katie seconded, and the council approved the ordinance on a unanimous 6-0 vote. No amendments to the ordinance were recorded in the meeting minutes.
Staff explained the IRB is a final financing step and that bond counsel and financiers will complete the closing work after the council’s approval.
