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Commissioners approve resolution for sports center IRBs and authorize $13.75M senior-housing bonds
Summary
The commission approved a resolution to enable industrial revenue bonds and base lease/lease-purchase terms for a sports center project and passed a separate resolution authorizing an estimated $13,750,000 aggregate principal amount of senior housing revenue bonds for Cedarhurst of Topeka (phase 2). Bond counsel said the county would not be liable for the debt.
The Shawnee County Board of County Commissioners approved two financing resolutions on consent: one expressing the county’s intent to issue industrial revenue bonds and enter into a lease for a local sports center project, and another authorizing up to an estimated $13,750,000 in taxable senior housing revenue bonds for Cedarhurst of Topeka Real Estate LLC, phase 2.
At the public hearing on the industrial revenue bonds, bond counsel explained that the bonds would be conduit bonds for the sports-center project and that the county would not be responsible for payment: "Industrial revenue bonds or conduits ... You are not responsible for the payment of these," the counsel said. The board opened a public hearing, received no speakers in opposition, and approved the resolution.
Staff described the Cedarhurst project as a second phase of senior-living construction following a prior phase five years earlier; the phase includes 39 buildings with 34 independent senior living units and is self-financed by the developer. The board approved the resolution authorizing the estimated $13.75 million in bonds.
Both resolutions were approved on motions made and seconded by commissioners present.
