OLATHE, Kan. – The City of Olathe will soon issue bonds to support new development at the Kansas Bioscience Park.
On Tuesday, the city council voted 6-0 to approve the issuance of $30 million in industrial revenue bonds (IRBs) to support the construction of a new medical manufacturing facility.
Prairie Village Base Medical Arts Intends to build a 50,000-square-foot bioscience office and medical device manufacturing facility on roughly 15 acres located at 107th Street and South Valley Road. Council approved a 10-year, 55% property tax abatement for the project.
This will be the first of three buildings Artio plans to develop on the property. According to city documents, the developer plans to create two additional buildings totaling more than 300,000 square feet to replace nine smaller office buildings planned for this part of the business park.
The project is expected to create 162 new jobs over the next decade with a starting salary of $65,000.
“Right now, because it’s owned by the city, there’s no property tax coming in. With this project included we estimate that there will be about $41,000 in property taxes annually with the IRB tax applied,” said John Page, manager of financial strategy. for the city.
Page said the project is expected to generate about $412,273 in property taxes for the city over 10 years.