Memorandum                    

City of Lawrence

City Manager’s Office

TO:	David L. Corliss, City Manager
FROM:	Diane Stoddard, Assistant City Manager
DATE:	March 6, 2015
CC:	Casey Toomay, Assistant City Manager
RE:	Ordinance authorizing Industrial Revenue Bond Issuance for the 100 E. 9^th Street Project, located on the northeast corner of 9^th & New Hampshire Streets

Background:

On April 8, 2014, the City Commission adopted Resolution No. 7066 indicating the intention of the City of Lawrence to issue up to $24.5 million in industrial revenue bond financing for the 100 E. 9^th Street project for the purpose of accessing a sales tax exemption on construction materials.  The sales tax exemption certificate for the project has already been authorized by the Kansas Department of Revenue and provided to the developer.  It is now time to finalize the bond transaction by authorizing the bond ordinance. 

Recommendation/Requested Action:

Adopt on first reading, Ordinance No. 9093, authorizing up to $23 million in industrial revenue bond (IRB) financing for the 100 E. 9^th Street project located on the northeast corner of 9^th & New Hampshire Streets, for the purpose of accessing a sales tax exemption on construction materials.