City of Lenexa Agenda Packet 2026-06-16
City ends IRB lease with Meritex Development
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Description
Lenexa will terminate its base lease and lease agreement with Meritex Lenexa Development II, LLC tied to the City’s $24 million IRB issuance for Meritex Surface Buildings 3, 4, and 5. With the bonds redeemed and the purchase option exercised, the City will release its interest in the project.
Contract Details
Vendor
MERITEX LENEXA DEVELOPMENT II LLC
Agency
City of Lenexa, KS
Contract Type
FINANCIAL_SERVICES
Document Date
June 16, 2026
Contract Term
Original IRB lease term from December 1, 2022 until bond redemption in 2026
Renewal Info
Resolution authorizes execution of termination of base lease and lease upon confirmation that all bonds are paid and obligations under the IRB documents are satisfied, ending the prior financing arrangement.
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