The Maryville City Council approved a resolution of intent to issue Industrial Development Revenue Bonds, Chapter 100 bonds, in a principal amount not-to-exceed $25.5 million to finance an investment project for Kawasaki Motors Manufacturing Corporation, Maryville, during its regular meeting on January 22.
Maryville and Kawasaki are required to prepare a plan for industrial development, with a cost-benefit analysis. The plan will then be mailed to each taxing district impacted by the decision. After a public hearing, city council can pass an ordinance to approve the plan and issue bonds for the project.
The project is for $25.5 million of equipment including $16 million in new equipment such as a new crank case line, die-cast line and cylinder head line and $9.5 million in replacement equipment such as the cam shaft and flywheel lines.
The contract states the company is to increase the minimum number of employees from 775 to 820. The company is projected to add an additional 30 jobs for a total of 850. It would grant Kawasaki a 50 percent property tax abatement on the project for 10 years.
Each year, Kawasaki will be required to make a Payment In Lieu of Taxes (PILOT) payment to each taxing jurisdiction equal to the amount of taxes currently paid by the company.
City staff has been working with Piper Jaffray to refinance the Series 2009 General Obligation bonds (GO), which were issued to finance the Maryville Community Center expansion and to refinance the series 1999 and series 2001 bonds, which were also issued for parks and recreation projects. Maryville has $2,445,000 of outstanding callable GO bonds from the Series 2009 issue at an average interest rate of 4.41 percent.
The bonds were sold on January 22 for a true interest cost of 2.31 percent, saving $233,506.87.
The council approved a general warranty deed for 2.3 acres of land including the right-away area and Horsepower Drive, which is the improved 285th Street and the new Kawasaki slip ramp. Street maintenance for Horsepower Drive will be the responsibility of the City of Maryville.
A public hearing will be held on Monday, February 12 at the Maryville City Council meeting to annex Horsepower Drive and the right-away areas into Maryville city limits. Also at that time, a public hearing will be held to annex 11.37 acres owned by Jason Brown and Roxann Powell located on South Depot Street into Maryville city limits. The owners plan to build a residential structure.
The Show Me Green Sales Tax Holiday will be from April 19 to April 25. Consumers purchasing qualifying Energy Star appliances will not have to pay city sales tax on those items.
The city council positions held by Jerry Riggs and Jason McDowell are up for election. The following individuals are running for the positions and will be on the April 3 ballot: Matt Johnson, Jason Sybert, Jason McDowell and Jerry Riggs.
A change order with Ideker, Inc., for the Northwest Missouri Regional Airport runway rehabilitation project was approved, reducing the total contract by $27,376.45. The city sought $13,650 reimbursement for “damages” resulting in the airport being closed an additional 55 days. An additional $56,869.30 was deducted for the unscheduled employment of JViation as engineer. The $43,142 REIL light replacement was subtracted from the overrun costs.
Ashlee Hendrix was reappointed to the Maryville Public Art Committee to serve another three-year term.
City Manager Greg McDanel stated that the city had spent $10,986.81 on snow treatment so far this season.
He also stated there would be an ice fishing workshop from 9 am to 1 pm, Saturday, January 27. The event is free. Bait and tackle will be provided while supplies last. To register, call 816.271.3100.