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Council signals intent to support LZB Manufacturing with Chapter 100 bonds and approves legal fee agreement
Summary
Council approved a resolution signaling intent to issue Chapter 100 taxable industrial development revenue bonds for LZB Manufacturing Inc. and approved a fee agreement with Gilmore & Bell; the proposed abatement schedule phases property-tax abatement over 20 years and the developer will pay legal fees, council approved 6-0.
Neosho City Council voted to register an official intent to issue taxable Chapter 100 industrial development revenue bonds for the benefit of LZB Manufacturing Inc. and to engage Gilmore & Bell for legal services related to the bonds.
City counsel outlined that the resolution establishes the city's commitment at this stage to support the project so the company can move forward; the plan includes a 20-year phased property-tax abatement schedule (100% abatement years 1— through 5, then tapering). The council also approved a fee agreement with Gilmore & Bell; staff said the legal fee will be paid directly by LZB Manufacturing.
The council voted 6—0 to adopt the resolution of intent and to authorize the city manager to execute the fee agreement. Council discussion included questions about who will own the building and clarification of the abatement phases.
