Industrial Revenue Bonds (IRBS)
A complete application must be submitted at least a month prior to the date it is expected to be considered by the City Council.
Besides completely filling out the Application for IRB Financing (which can be requested from any of the people listed below), the following documents are also necessary:
a. Certified copies of the applicant’s financial audits for the past three (3) years,
b. Applicant’s most recent interim financial statements to date, for the current fiscal year,
c. Financial Statement, current to date, for each personal guarantor,
d. Pro forma statements for the 5 years of operation after issuance of the Bonds, including revenue projections, operating expense projections and a debt amortization schedule.
e. Firm Data Sheet (will be provided with the application when requested)
f. A non-refundable application fee of $500. The fee shall be used to defray any expenses incurred by the City in processing and reviewing the application relative to the proposed bond issue including preparation of a Cost/Benefit Report.
Each project shall be evaluated on its own merit. Following the preparation of a Cost/Benefit Report prepared in compliance with Kansas State Statutes, a property tax exemption may be considered for facilities constructed with industrial revenue bonds proceeds.
An Administrative Committee comprised of the Mayor and City Administrator will meet with the applicant to review the application and form a recommendation to provide the City Council prior to the scheduled Public Hearing. At a City Council meeting following the meeting with the Administrative Committee, a public hearing will be held, notice of which shall be published and provided to Butler County, Butler Community College, and USD 385. Following the hearing and presuming the City Council wishes to support the project, a Resolution of Intent to Issue the Bonds will be approved by the Governing Body.
More information can be found HERE.
Click HERE for the application.
If you plan to apply, please contact Jennifer McCausland for the Firm Data Sheet when you are ready to apply.