Garmin asked Olathe for $138M in bonds for expansion

Garmin Ltd. got the green light on its financing package from the Olathe City Council for Tech factory’s $145.9 million second phase headquarters expansion.

In August, the City Council approved increasing the total industrial revenue bond to $240 million to cover the increased cost of the second phase, increasing industrial revenue bonds (IRBs) issued from $98 million to $138 million.

Tuesday evening, the Olathe City Council approved Garmin’s request for a 10-year, 75% property tax abatement, along with spending $138 million in IRBs.

The technology manufacturer returned to the council to formally implement what was approved in August; The company must first finish its first phase. Olathe issued an initial $102 million bond to Garmin in 2018 to help fund the first phase of expansion.

In the second phase, the company will remodel and repurpose a 580,580-square-foot facility for office and research use at the northwest corner of 151st Street and Ridgeview Road.