Manhattan city commissioners on Tuesday will consider a request to issue $52 million in industrial revenue bonds to Meadowlark Hills to build 43 new independent living units, an underground parking deck and a fitness and classroom space.
Industrial revenue bonds are a tax-exempt financing mechanism local government entities issue with no fiscal impact to themselves because companies repay them. The bonds allow companies to benefit from property tax exemptions and sales tax breaks while funding a project.
City officials in meeting documents say they don’t expect issuance of the bonds until late summer. They also say Meadowlark officials will return to the city commission later to request a sales tax exemption for the project.
