Archive for Tuesday, November 15, 2011

Bonner council gives preliminary approval to $1 million in IRBs that will aid firm’s expansion

November 15, 2011, 4:43 p.m.

Updated: November 16, 2011, 3:58 p.m.

A Bonner Springs business is looking to expand with the help of the city.

The Bonner Springs City Council Monday gave preliminary approval for $1 million in industrial revenue bonds and a 10-year, 50 percent tax abatement for Sterling Screen Printing Inc., to finance an expansion to the firm’s building in the Bonner Springs Industrial Park. The council will have a public hearing and consider final approval at its Jan. 9 meeting.

The company, which prints industrial graphics, is planning a 14,700 square-foot expansion. The addition is necessary as Sterling is purchasing a similar Lenexa-based firm and will move its 14 employees and operations to the Bonner Springs building, 23825 W. 40th St.

In 2006, the city approved $890,000 in industrial revenue bonds and a 65-percent tax abatement for the company to building its current 10,500 square-foot building. With the IRBs and abatement for the new expansion, city staff estimates the company would realize $167,982 in savings over 10 years. The city will receive $40,208 in taxes over 10 years.

Monday’s approval doesn’t obligate the council or the company to issue the bonds; that will come with final approval following the public hearing.

Council members Jeff Harrington and Bob Reeves did not attend the meeting.

In other business, the council:

• Tabled amendments to the personnel policy concerning the grievance procedure. Council member Eric Freeman made the motion to table, saying he still was not comfortable with the policy and wanted the council to be notified of all employee complaints against the city manager.

• Approved the consent agenda. Council member George Cooper abstained from check 115378 in the claims for city operations, as it was a payment to the Board of Public Utilities, his employer.

• Conducted a 6-minute executive session to discuss personnel matters.

Comments

johninbasehor 3 years, 1 month ago

More corporate welfare! How much total money will both of these irbs cost the taxpayers, and how much do these jobs pay?

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