FINANCIAL_SERVICESAMENDED

Unified Government of Wyandotte County and Kansas City, Kansas Agenda Packet 2026-05-21

IRB Performance Agreement Extended for 4601 Rainbow Project

Not to exceed $52,927,000 (bond issuance authority)City of Kansas4601 RAINBOW LLCMay 21, 2026

Trusted by teams at

Description

The Unified Government moved to approve a Second Amendment to its Performance Agreement with 4601 Rainbow, LLC for a 149‑unit multifamily project backed by up to $52,927,000 in industrial revenue bonds. The amendment extends the construction commencement deadline to December 31, 2026 while keeping the June 30, 2029 completion and December 31, 2029 bond issuance deadlines in place.

Contract Details

Contract Amount

Not to exceed $52,927,000 (bond issuance authority)

Vendor

4601 RAINBOW LLC

Agency

City of Kansas, KS

Contract Type

FINANCIAL_SERVICES

Document Date

May 21, 2026

Contract Term

Construction to commence by December 31, 2026 and be substantially complete by June 30, 2029; bonds to be issued no later than December 31, 2029; 10-year property tax abatement term referenced for original IRB incentives

Renewal Date

2029-06-30

Renewal Info

Second Amendment to the October 26, 2023 Performance Agreement, previously amended November 21, 2024; extends construction commencement but leaves completion and bond issuance deadlines unchanged. Original IRB package included a 10‑year property tax abatement term.