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Council authorizes taxable industrial revenue bonds for Gun Bros project; owners plan January opening
Summary
The council approved an ordinance authorizing issuance of taxable industrial revenue bonds for the Gun Bros project (Saloon Investments LLC); the business’s owner told the council the opening is likely January 2026 and staff said the city will act as leaseholder enabling a 10‑year property‑tax abatement.
The Hutchinson City Council voted to approve an ordinance authorizing the issuance of taxable industrial revenue bonds (IRBs) for the Gun Bros project, a development by Saloon Investments LLC.
Angela Richard, director of finance, reminded the council that in May 2024 it had passed a resolution determining advisability for IRBs of approximately $2,935,000 for the project. She said issuing the bonds does not create city debt or financial responsibility for issuance costs; the city becomes the leaseholder while the developer becomes the lessee to enable a 10‑year property tax abatement and a payment‑in‑lieu‑of‑tax agreement.
Devin Ganim (co‑owner) said the business expects to open in January 2026, has hired seven employees and anticipates being a significant sales‑tax generator for the city. Council moved to approve the ordinance authorizing issuance of the taxable IRBs and authorized the mayor to sign.
Next steps: staff will finalize the IRB issuance documents and the payment‑in‑lieu agreement and return to the council for any required administrative approvals.
