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Economic Development Commission approves Resolution 1-2026 to enable developer-purchased bonds for Rebar/TRG project in Fort Harrison area
Summary
The commission approved Resolution No. 1-2026 authorizing documents for up to $4.5 million in taxable economic development revenue bonds, intended to be repaid from tax increment generated by a proposed $26.4 million Rebar/TRG mixed-use development; a resident raised fiscal exposure concerns during public comment and was told counsel and staff expect no city liability.
The Lawrence Economic Development Commission on Monday approved Resolution No. 1-2026, a measure authorizing documents and proceedings necessary for issuance of taxable economic development revenue bonds to support a Rebar/TRG mixed-use project in the Fort Harrison reuse area.
Dustin Meeks of Barnes & Thornburg LLP, representing the Fort Harrison Reuse Authority, told the commission the financing package would authorize a maximum principal amount of $4.5 million in bonds and that the overall project investment is expected to be about $26.4 million. Meeks said the bonds would be payable from tax increment generated by the project and that the financing is structured so the city assumes no credit risk: "no credit risk for the city and entirely revenues generated by the project itself," he said.
A Rebar/TRG representative described the project timeline and scope: the team expects to close financing in July, mobilize on site in August and complete and open 104 residential units and associated amenities in November–December 2027; the presentation also estimated seven new jobs tied to ground-floor retail and property management.
During the public hearing, resident Daniel Rapp asked whether the project had been reflected in the city’s 2026 budget and requested a concrete figure for potential taxpayer exposure if the project failed before the bonds mature. He said he did not find presentation materials on the city website and that he did not see an obvious budgetary allocation. In response, bond counsel and commission members stated the project is administered through the Fort Harrison Reuse Authority and described the developer-purchased bond structure: proceeds would flow to the developer and repayment is expected from tax increment revenues generated by the project, and the city would not directly pay debt service from general tax revenues.
The commission voted to approve Resolution No. 1-2026 after Ray Anderson moved the motion and Stephanie Kirkland seconded; the motion passed by voice vote. The resolution authorizes the city to execute a bond ordinance (to be considered by the Lawrence Common Council), a trust indenture and a loan agreement as part of the financing structure.
By approving the resolution, the commission completed its statutory review step for the proposed incentive; the bond ordinance and related documents must still be considered by the Common Council and executed as required for the financing to proceed.
