City of Lenexa Agenda Packet 2026-06-16
Meritex IRB Lease Agreements Formally Terminated
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Description
Lenexa approved terminating its base lease and lease agreements with Meritex Lenexa Development II, LLC tied to $24 million in Series 2022 industrial revenue bonds for the Meritex Surface Buildings 3–5 project. Meritex has exercised its purchase option and will redeem the bonds, ending the City’s leasehold interest used for sales tax exemption on construction materials.
Contract Details
Contract Amount
$24,000,000 (aggregate original IRB amount; sales-tax-exempt financing only)
Vendor
MERITEX LENEXA DEVELOPMENT II LLC
Agency
City of Lenexa, KS
Contract Type
FINANCIAL_SERVICES
Document Date
June 16, 2026
Contract Term
Lease and base lease dated December 1, 2022, amended November 1, 2024; termination authorized June 16, 2026 upon bond payoff
Renewal Info
Termination follows Meritex’s exercise of its purchase option under Section 17.1 of the lease and full redemption of the Series 2022 bonds; no further renewals or extensions will occur.
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