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Council authorizes conveyance of rebuilt YMCA project after IRB financing and option exercise
Summary
The council approved a resolution conveying the reconstructed YMCA project back to the YMCA after the association exercised an option to repurchase following reconstruction using industrial revenue bonds; city attorney explained the background and the council adopted the necessary documents by unanimous vote.
The council approved a resolution authorizing transfer of a reconstructed YMCA project back to the YMCA of Wichita after the association exercised its option to repurchase the property.
City attorney JT summarized that industrial revenue bonds issued in 2024 financed reconstruction after the April 29, 2022 tornado damaged the building. Reported reconstruction costs were $13,600,000; the YMCA used insurance proceeds and purchased the project under the IRBs, later retiring those bonds. The YMCA then exercised its option to repurchase the project, paid the nominal $1,000 option purchase price and requested the city adopt a resolution to convey the property back to the YMCA. JT said the city is obligated under the existing lease to execute a bill of sale, terminate the site lease and deliver satisfaction and discharge documents.
Councilmember Tim Berry moved to adopt the resolution approving conveyance and execution of all necessary legal documents; the motion was seconded and carried by voice vote (recorded as 6–0). JT noted that the legal work in this specific instance was handled under a reduced fee arrangement (the $1,000 recorded option price was used in billing the legal work for this transaction).
