FINANCIAL_SERVICESRECOMMENDED

City of Garden Plain Governing Body Meeting Agenda May 6, 2026

City Plans $3.5M IRB Lease Deal With Jeeps Baker

Approximately $3,500,000 (Taxable Industrial Revenue Bonds)City of Garden PlainJEEPS BAKER CONSTRUCTION LLCMay 6, 2026

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Description

Garden Plain is considering Resolution 250 to issue approximately $3.5 million in taxable Industrial Revenue Bonds to finance 10 new residential rental units in the Bentwood Addition, to be leased to Jeeps Baker Construction, LLC. The action would provide a 10-year property tax exemption on the bond-financed improvements with potential payment-in-lieu-of-tax obligations starting in year six.

Contract Details

Contract Amount

Approximately $3,500,000 (Taxable Industrial Revenue Bonds)

Vendor

JEEPS BAKER CONSTRUCTION LLC

Agency

City of Garden Plain, KS

Contract Type

FINANCIAL_SERVICES

Document Date

May 6, 2026

Contract Term

Property tax exemption for 10 years following bond issuance; Resolution effective until December 31, 2027

Renewal Info

Resolution 250 remains effective until December 31, 2027 unless extended; the underlying tax exemption is for 10 years after bond issuance with a structure of 100% abatement in years 1–5 and 50% in years 6–10 and potential PILOT beginning in year six.