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Council approves removing lots from IRB so Young Properties can develop Seal Labs
Summary
Council approved amending 2017 industrial revenue bond documents to release Lots 1–11 and Reserves A/B so Young Properties can title Lot 11 for a new Seal Labs facility; Bankers Bank of Kansas agreed to release mortgages and the city will amend trust indentures, leases, and record deeds to return title.
City staff explained that the industrial revenue bond (IRB) financing used in 2017 to support a large industrial parcel included land now proposed to be reconfigured for a new private development. "Bankers Bank has agreed to release their mortgages and assignment of rents on that piece," a city staff member said while outlining the legal steps: amend the trust indenture and lease, record a release of lease, and deed the property back to Young Properties so the developer can pursue financing for the new Seal Labs project on Lot 11.
The presentation described this as a partial removal: the land containing Meter Engineers and a larger Lot 12 buffer will remain in the IRB; Lots 1–11 and Reserves A and B are the portion being released. Councilmember questions focused on whether Lot 11 would later enter its own IRB for the Seal Labs project and on the city’s tax-abatement posture; staff replied Lot 11 can be placed in a new IRB for a future project and noted a 10-year tax abatement was previously approved for the new project concept. The ordinance to amend IRB documents and execute the necessary legal instruments passed on a council motion.
Why it matters: Removing parcels from an IRB frees the property owner to market, finance and develop those lots independently while preserving bond collateral on other portions of the original parcel. It enables a targeted private investment (Seal Labs) while the city retains larger buffers in the original IRB structure.
Votes and next steps: Council approved the ordinance to remove Lots 1–11 and Reserves A/B from the 2017 IRB documents; staff will complete deed and release recordings and the owner may seek financing for the Seal Labs project.
