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EPIC property sale will end IRB abatement; building to return to tax rolls, council approves resolution
Summary
The council adopted a resolution authorizing sale and conveyance related to EPIC's Real Estate Development 2 LLC; the property's industrial revenue bonds will be retired, the 10‑year 100% tax abatement will end, and the building will return to the property‑tax rolls. Vote was 4–0.
Staff explained that the owner of Epic Sports, located in Sunflower Commerce Park, has elected to exercise a purchase option in the IRB documents. As a result the city's industrial revenue bonds (IRBs) tied to the property will be retired and the prior 10‑year, 100% property‑tax abatement will end; the building will return to the property‑tax rolls once the IRB is retired.
City staff said the county prorates property taxes for the month of sale, so the city's assessed value will increase in November when exemptions end and that could modestly lower the mill levy needed to meet budget assumptions. Councilmember Tyler Dean moved the resolution authorizing the sale and conveyance and the motion passed 4–0.
