Commissioners OK issuing $13 million in industrial revenue bonds for retail development

Shawnee County commissioners on Monday morning approved by a 3-0 vote a resolution to issue about $13 million in taxable industrial revenue bonds for a shopping development in west Topeka.

The industrial revenue bonds would be used by Equity Investment Group Wanamaker LLC for its proposed $31.4 million project to redevelop retail properties it owns at the southeast corner of S.W. 17th and Wanamaker Road. A building formerly occupied by a Kmart store is located on the property.

Bob Perry, the county’s bond counsel, told commissioners the issuance of the industrial revenue bonds would generate “substantial” ad valorem taxes for the city and county.

He said the resolution acknowledges EIG’s request for the bonds expresses the commission’s intent to issue the bonds. Perry said he would begin negotiating terms of the agreement in the next few weeks.

“EIG is buying its own bonds, so we don’t have to worry about selling bonds to third-party investors,” Perry said. “Reduces everybody’s risk.”