Industrial Revenue Bonds (IRBs)

 

Kansas law authorizes cities to issue industrial revenue bonds to provide financing for private business facilities.  These bonds may be used to pay all or a portion of the costs of purchasing, improving, repairing/remodeling, or improving certain types of facilities (i.e. industrial and manufacturing facilities, agricultural, etc.).  When IRBs are used as financing, the city hodls legal title to the facility while the bonds are outstanding.  During this period, the facility is exempt from property taxation for up to 10 years

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