City of Lenexa Agenda Packet 2026-06-16
City terminates IRB lease with Meritex Lenexa
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Description
Lenexa is terminating its base lease and lease agreements with Meritex Lenexa Development II, LLC tied to $24 million in 2022 industrial revenue bonds for the Meritex Surface Buildings 3, 4, & 5 Project. The action follows the tenant’s exercise of its purchase option and full redemption of the bonds, ending the sales tax exemption lease structure.
Contract Details
Contract Amount
$24,000,000 (bond issuance amount; sales tax exemption only)
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 Date
2026-05-31
Renewal Info
Lease structure under the IRB was in place from 2022 until bonds were redeemed in 2026; current action fully terminates rather than renews or extends the agreement.
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