In its next steps to build a third relocated headquarters, Lenexa-based Oddo Development has just received approval from the city council on financing for the project.
Oddo Development requested the city issue $19 million in industrial revenue bonds for construction costs as well as a 10-year, 55 percent property tax abatement for construction of the office/warehouse facility to be located at the northwest corner of Lackman Road and 105th Street. The council voted 7-0 to approve the issuance of bonds as well as the tax abatement.
“I think this is the third relocation of Oddo Corporations and they have continued to grow in our community,” said Mayor Michael Boehm. “We’ve got more space if this one fills up, I guess.”
The real estate developer plans to build a 92,000-square-foot facility which will serve as its new corporate headquarters, right down the street from the company’s current headquarters. The project is expected to begin this spring and be completed in fall 2020.
The payment in lieu of taxes agreement (PILOT) requires Oddo invest a minimum of $15 million into the project and be involved as a dues-paying member of the Lenexa Chamber of Commerce, among other requirements. “The civic involvement requirement takes into consideration the use of public incentives and therefore the need to give back to the community,” according to a city memo.
There was no other public comment or council discussion. Councilmember Steve Lemons was absent.