MHK City Commissioners approve $8M in Industrial Revenue Bonds
MANHATTAN, Kan. (WIBW) - Manhattan City Commissioners unanimously approved a resolution of intent to issue up to $8 million dollars of Industrial Revenue Bonds.
Foundation Properties Corporation from Wichita, which also runs the Valley View Senior Life facility in Junction City, presented to their Industrial Revenue Bond request to City Commissioners Tuesday evening for construction of a new senior living facility near Colbert Hills.
Foundation Properties will be building and operating the ‘Home Plus’ facility which will have 3 home buildings, each with 12 individual rooms with enhanced ventilation and create more than 20 jobs when completed.
The Industrial Revenue Bonds requested by Foundation Properties is for sales tax exemption during the construction phase only.
“IRBs can also be a way for a ten-year type of property tax abatement and exemption. We’ve only done a handful of those in Manhattan over the years, this recent applicant did not apply for that, they’re really just going for that sales tax exemption on the construction.” City of Manhattan, Deputy City Manager, Jason Hilgers says.
Foundation Properties is planning a groundbreaking for the first building by the beginning of August, with construction being complete and residents moving into the facility before the end of 2021.
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