8.2 Intent Central Mall IRBCITY OF SALINA
REQUEST FOR COMMISSION ACTION DATE TIME
2/28/83 4:00 P.M.
AGENDA SECTION: Administration ORIGINATING DEPARTl~ENT: APPROVED FOR
NO. 8 CITY MANAGER AGENDA:
NO. 2
BY: Rufus L. Nye BY:
Frank Norton has filed, on behalf of Ed Warmack and others, 7 applications for
the issuance of industrial revenue bonds. The total issue is for $25,600,000
as detailed below:
Name Request
1. WFT A Land Co. $ 10,000,000
2. WFT B Land Co. 1,000,000
3. WFT C Land Co. 1,000,000
4. Dill Land Co. 5,000,000
5. Future Land Co. 2,550,000
6. Bell Land Co. 2,550,000
7. Penn Land Co. 3,500,000
TOTAL $25,600,000
Apparently, the ownership of the Central Mall will be divided into 3 general
and 4 limited partnerships, each of which will own part of the Mall. According
to most bond attorneys, this arrangement would permit the Central Mall to issue
more than the usual $10.,000,000 limit for IRBs.
Mr. Norton will have the various principles and their advisors present at
Monday's meeting. If you want to, the Commission could schedule a public
hearing at the March 14 Commission meeting.
COMMISSION ACTION
MOTION BY SECOND BY