City Commission Supports Camso Project
21 Nov 2018
By Dewey Terrill
The Junction City Commission has taken action to support Camso.
The governing body authorized the issuance of a taxable industrial revenue bond totaling up to $6 million for a project where the company will put a local operation in the I-70 Industrial Park. They will manufacture tracks for agricultural equipment.
City Manager Allen Dinkel confirmed the city is not liable for repayment of the bonds. He noted that the City will own the building during the IRB process and the owners of the building are going to make a payment in lieu of taxes in an amount equal to the 2017 taxes. “They will for the next 10 years, we’ll get a pilot payment. It’ll go to all the entities just as it does now. What the IRB does is it locked in the taxes for a 10-year period.”
The City Commission voted during their meeting Tuesday night to issue the taxable industrial revenue bond.