| DOCUMENT DESCRIPTION: |
RESOLUTION introduced by City Manager Stephen Wade determining the advisability of a sales tax exemption in connection with the issuance by the City of Topeka, Kanas of its Health Care Facilities Revenue Bond (Brewster Place) Series 2022A and Series 2022B, for the purpose of Financing Improvements to the health care and retirement facilities owned and operated by the The Congregational Home.
Voting Requirement: Action requires at least six (6) votes of the Governing Body.
(At the request of the applicant, the City is seeking authorization to proceed with filing for the sales tax exemption with the State of Kansas.)
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| VOTING REQUIREMENTS: |
| Action requires at least six (6) votes of the Governing Body. |
| POLICY ISSUE: |
Whether to authorize staff to proceed with the preparation and execution of a sales tax exemption for the period of the purchase, construction, extension and improvement of projects authorized in the Industrial Revenue Bonds Series 2022A and Series 2022B |
| STAFF RECOMMENDATION: |
Staff recommends the Governing Body move to approve the resolution. |
| BACKGROUND: |
Pursuit to the Sales Tax Act, particularly K.S.A. 79-3606(b) and (d) and other applicable laws, sales of tangible personal property or services purchased in connection with the Project and financed with proceeds of the Bonds are entitled to the Sales Tax Exemption referenced above
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| BUDGETARY IMPACT: |
This exemption will lower the amount of sales tax collected associated with the construction of these improvements. |
| SOURCE OF FUNDING: |
There is no funding or expense outlay required from the City of Topeka. |