The Manhattan City Commission approved a new revenue bond program for developers who want to build speculative industrial buildings within city limits.
The program would provide tax relief for builders who construct at least 50-thousand square feet in industrial space. It would give as much as a 95-percent abatement over the first five years if 50-percent or more of the building is leased. That number would then be 50-percent for years six-through-ten.
Mayor Wynn Butler was enthusiastic about putting the plan in place.
Commissioners Usha Reddi and Linda Morse did have one area of concern, seeking language in the agreements that would ensure no fights over taxes and potential refunds based on the “Dark Store Theory”.
Also Tuesday night, the city agreed to provide incentives to The Prime Company to construct its headquarters near Colbert Hills. The Phase 2 construction plan and funding for the Flint Hills Discovery Center’s Kidscape Project was also given a green light.
The post Manhattan Commission Approves Tax Break in Hopes of Spurring Industrial Development appeared first on News Radio KMAN.
