RESOLUTION NO. 1539
A RESOLUTION OF THE GOVERNING BODY OF THE CITY OF GOODLAND, KANSAS AMENDING RESOLUTION NO. 1527 DETERMINING THE ADVISABILITY OF ISSUING TAXABLE INDUSTRIAL REVENUE BONDS FOR THE PURPOSE OF FINANCING THE ACQUISITION, CONSTRUCTION AND EQUIPPING OF A HOTEL FACILITY TO BE LOCATED IN SAID CITY; AND AUTHORIZING EXECUTION OF RELATED DOCUMENTS
WHEREAS, the City of Goodland, Kansas (the “Issuer”) desires to promote, stimulate and develop the general economic welfare and prosperity of the City of Goodland, and thereby to further promote, stimulate and develop the general economic welfare and prosperity of the State of Kansas; and
WHEREAS, pursuant to Resolution No. 1527, the Issuer declared its intent to issue taxable industrial revenue bonds in an amount not to exceed $7,300,000 under the provisions of the Kansas Economic Development Revenue Bond Act, as amended and codified in K.S.A. 12‑1740 et seq. (the “Act”),
WHEREAS, the scope and cost of the proposed project has changed and the Issuer desires to amend Resolution No. 1527 and find and deem it to be advisable and in the interest and for the welfare of the Issuer and its inhabitants that revenue bonds of the Issuer in the approximate principal amount of $8,800,000 be authorized and issued, in multiple series, to provide funds to pay the costs of the acquisition, construction and equipping of a hotel facility and the renovation of an existing hotel facility (collectively, the “Project”) to be located in the Issuer and to be leased by the Issuer to Prairiesky Capital, LLC, Prairiesprings Hospitality, LLC or other legal entities to be formed by the principals thereof (collectively, the “Tenant”).
NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY OF THE CITY OF GOODLAND, KANSAS:
Section 1. Public Purpose. The governing body of the Issuer hereby finds and determines that the Project will promote, stimulate and develop the general economic welfare and prosperity of the Issuer, and thereby further promote, stimulate and develop the general economic welfare and prosperity of the State of Kansas.
Section 2. Amendment of Resolution No. 1527.
- Section 2 of Resolution No. 1527 is hereby amended and replaced in its entirety with the following:
Section 2. Authorization to Acquire Project; Intent to Issue Bonds. The Issuer is hereby authorized to proceed with the acquisition, construction, renovation and equipping of the Project and to issue its revenue bonds, in one or more series, in the not to exceed principal amount of $8,800,000 (the “Bonds”) to pay the costs thereof, subject to satisfaction of the conditions of issuance set forth herein.
- Section 4 of Resolution No. 1527 is hereby amended and replaced in its entirety with the following:
Section 4. Property Tax Exemption and Payment in Lieu of Taxes. The Issuer hereby determines that pursuant to the provisions of K.S.A. 79-201a Twenty-Fourth, the Project, to the extent purchased or constructed with the proceeds of the Bonds, should be exempt from payment of ad valorem property taxes for ten years commencing with the year following the year in which the Bonds are issued, provided proper application is made therefor; provided no exemption may be granted from the ad valorem property tax levied by a school district pursuant to the provisions of K.S.A. 72-8801 (now re-codified as K.S.A. 72-53,113), and amendments thereto. In making such determination the governing body of the Issuer has conducted a second public hearing and reviewed the revised analyses of costs and benefits of such exemption required by K.S.A. 12-1749d. The Tenant is responsible for preparing such application and providing the same to the Issuer for its review and submission to the State Board of Tax Appeals. The Issuer reserves the right to negotiate a payment in lieu of taxes so exempted, to be made by the Tenant.
Section 3. Further Action. The Clerk is hereby authorized to deliver an executed copy of this Resolution to the Tenant. The Mayor, Clerk and other officials and employees of the Issuer, including the Issuer’s counsel and Bond Counsel, are hereby further authorized and directed to take such other actions as may be appropriate or desirable to accomplish the purposes of this Resolution, including, but not limited to: (a) cooperate with the Tenant in filing an application for a sales tax exemption certificate with the Kansas Department of Revenue with respect to Bond-financed property; and (b) execution on behalf of the Issuer of the information statement regarding the proposed issuance of the Bonds to be filed with the State Board of Tax Appeals pursuant to the Act.
Section 4. Repeal and Ratification of Resolution No. 1527. Sections 2 and 4 of Resolution No. 1527 are repealed. Except for the amended Sections 2 and 4 and with the addition of Prairiesprings Hospitality, LLC as a Tenant, the rest and remainder of Resolution No. 1527 shall remain in full force and effect.
Section 5. Effective Date. This resolution shall become effective upon adoption by the Governing Body.
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ADOPTED by the governing body of the City of Goodland, Kansas on October 15, 2018.