Shawnee County, Kansas, commissioners on Monday morning approved by a 3-0 vote a resolution to issue about $13 million in taxable industrial revenue bonds for a shopping development in west Topeka.
The industrial revenue bonds would be used by Equity Investment Group Wanamaker LLC for its proposed $31.4 million project to redevelop retail properties it owns at the southeast corner of S.W. 17th and Wanamaker Road. A building formerly occupied by a Kmart store is located on the property.
Bob Perry, the county's bond counsel, told commissioners the issuance of the industrial revenue bonds would generate "substantial" ad valorem taxes for the city and county.
He said the resolution acknowledges EIG's request for the bonds expresses the commission's intent to issue the bonds. Perry said he would begin negotiating terms of the agreement in the next few weeks.
"EIG is buying its own bonds, so we don't have to worry about selling bonds to third-party investors," Perry said. "Reduces everybody's risk."
Commissioner Kevin Cook made a motion to approve the resolution, which was seconded by Commissioner Bill Riphahn. Commission chairman Bob Archer also voted for approval.
Commissioners also voted 3-0 to defer taking action until Monday, April 29, on a home rule resolution that would consolidate the Shawnee County Community Corrections Department with the Shawnee County Department of Corrections, effective June 1.
Community corrections was part of the corrections department until commissioners made it a separate department in 2000. As of April 1, the corrections department had 233 employees, while the community corrections department had 25 employees.
Brian Cole, director of the Shawnee County Department of Corrections, thanked commissioners for their confidence in his department's ability to handle the additional duties of managing the community department of corrections.
"We look forward to this next step," Cole said. "We welcome the challenge."
Cole said he already has met with the community corrections staff regarding the possible change.
"They have outstanding staff at community corrections," Cole said. "This is going to be a tremendous partnership."
