8.3 IRB Appl Central Mall CITY OF SALINA
REQUEST FOR COMMISSION ACTION
DATE
7/2/1984
TIME
4:00 P.M.
AGENDA SECTION:
NO. 8
Admi nis trati on
ITEM
NO. 3
OR I G I NAT I NG DEPARTMENT:
City Clerk
BY: D. L. Harrison
APP~/~ED ~'0~
An application for $10,000,000 Economic Development Revenue Bonds has been
filed by Ed Warmack.
Information has been provided, based on the Commission's established policy.
It has been the City's policy to put the request on the agenda and then
convene in Executive Session.
MOTION BY
COMMISSION ACTION
SECOND BY
TO:
CITY OF SALINA, KANSAS
APPLICATION FOR ISSUANCE OF INDUSTRIAL REVENUE
1. Applicant Name and Address:
Ed Warmack - 258 Central Mallr Ft. Smith,(~-~k~b~. 72903
2. Name, address and telephone number of person to contact in regards
to proposed bonds:
215 S. Santa Fe
Frank C. Norton~ P. O. Box 872, Salina, KS 67402-0872
(913) 8~7-364b
3. Name and address of attorney for applicant: Frank C. Norton, 215 S.
Santa Fe, P. O. Box 872, Salina, KS 67402-0872; Scott C. Hoyt and
William E. Mantle, Kutakr Rock & Huie. The Omaha Bldg.,
Omaha, NE 68102, (402) 346-6000
4. Nature of'applicant's business:
~hnppinq Mall ownership, leasing and management
5. Name and address of underwriter for issue:
None
6. Estimated amount of issue
7. Number of years for maturity of bonds
II. Use of Bond Proceeds
1. Amount requested for purchase
of land
2. Amount requested for land im-
provements (site work and paving
improvements) and related expenses
3. Amount requested for machinery
and equipment '
4. Will the issue refinance an
existing project?
Is the proposed project an
expansion or replacement of
another existing facility?
$ 10~000~000
15
$ --0--
$ 10,000,000
$ --0--
~O
No
III.
Proposed Facilities:
1. Location of proposed
facility
2. What business is proposed by
the applicant?
Replat of Meadowlark Acres
Addition No. 3, except Lots One
(1) and Two (2), Block Five (5)
General Retail
3. List the products or services
to be rendered: ..General retail of products
and services associated with the operation of a regional enclosed mall
4. Will the applicant be in
competition with any local
firms? Yes
If so, name the firms: Ail general retail firms
selling products and services in the Salina trade territory.
5. What percentage of the facility
will be occupied by the applicant?
IV. Ownership and Management
..Applicant will lease
facilities to retailers.
Describe the organizational
structure of the firm (proprie-
tership, partnership, subsidiary,
corporation, etc.):
Proprietorship
List the names of principal
partners, owners and/or officers
of the applicant firm:
Ed Warmack
v. Financial Responsibility
1. How many years has the applicant
been in business?
2. Amount of equity capital to
be furnished by applicant
3. What is the applicant firm's
Dun & Bradstreet rating?
4 6 years
List assets applicant will
pledge to secure the revenue, bonds:
All improvements to be constructed
VI.
VII.
VIII.
IX.
5. List any person or firm who will
act as guarantors for bonds: Ed Warmack and some of the tenants
of the improvements will act as guarantors in such manner and according to
such terms and conditions as may be required by the bond purchaser, or bond'
counsel.
Marketin~ of Bonds or bond counsel·
1. Will bonds be sold as a public offering? No
2. Have arrangements for the marketing of
the bonds been made? Yes
3. Has the tenant investigate~
conventional financing? Yes
Measure of Economic Growth and Benefit (Total project)
1.
What percentage of sales will
be sold locally?
2. What is the estimated amount of
merchandise and services
purchased locally per year?
3. How many people will the
project employ?
Existing Sales 30%
New Sales to Salina 70%
Construction
Payroll
Operational
Payroll
Construction
Permanent
$20,000,000(total construc-
tion cost over 15 mos.)
$ 5,000,000 (per year)
179 jobs
492 jobs
4. How many new jobs will be created? See 3 above
5. Property Taxes $184.000 (annual) Taxes Sales $197,900 (annual)
In order to faciliate the tim ely processing of the application, please
attach as part of the proposal the following items:
1. Copy of firm's audited financial statements for the past two years.
Financial information will be furnished as requested.
2. Interim financial statements, to date, for the current fiscal year.
Financial information will be furnished as requested.
Applicant A~rees T6
1. Pay any payment in lieu of taxes required by the City.
(Applicant will
specifically waive the ad valorem tax exemption otherwise available to the
project under K.S.A. 79-201(a) Second, as amended.
Provide all financial data required by the City.
Application will cause the bond purchasers to specifically release the
City Commission, the City of Salina and all of its agents and employees
from any and all liability which may arise as a result of the issuance
of the bonds as herein requested and applied for.
Signature - Frank C. Norton
Attorney for Applicant
Title