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County authorizes up to $6 million in taxable multifamily housing bonds for Southwest Villa Drive project
Summary
The commission adopted Resolution R2026032 to authorize an estimated $6,000,000 in taxable multifamily housing revenue bonds to finance 10 duplexes (20 units) on Southwest Villa Drive; bond counsel reiterated the county will not be liable for the bonds. Vote 2-0.
The Shawnee County Board of County Commissioners on March 5 adopted Resolution R2026032 authorizing an estimated $6,000,000 aggregate principal amount of taxable multifamily housing revenue bonds to support construction of 10 duplexes (20 units) on Southwest Villa Drive.
Bond counsel explained the action follows a prior resolution of intent and is intended to facilitate financing and related documents; he reiterated that by statute the county may not use tax revenues to pay these bonds and that the developer purchases the bonds. The purpose cited was to provide a sales tax exemption on improvement services and materials that would otherwise be subject to sales tax.
Commissioner Kevin Cook asked whether the action would positively or negatively impact taxpayers; counsel responded that the county is not obligated and that the project should generate assessed value. Commissioner Aaron Mays moved adoption and Chair Cook seconded; the motion passed 2 to 0.
