Some of the land originally intended for Kansas State University's Olathe campus in the Kansas Bioscience Park could get new life thanks to plans from Artio Medical, Inc.
The property, located in northwest Olathe, is about 18 acres in total. It will cost the Prairie Village-based company $1. An additional $30,000 will be deposited as well with the city to be credited toward future application fees and permit fees that might be incurred through the development process within 20 days of the agreement’s approval.
Artio will also be required to pay the rest of the special assessments attached to the property, estimated to be about $600,000.
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The medical device company intends to build two buildings on the property, which would eventually make up a new headquarters and a facility for manufacturing. There is also the potential for Artio to acquire the other land adjoining the property, totalling 12.8 acres in the future.
The city currently owns the land Artio is interested in, since it was deeded back in 2019 from the K-State Olathe and Kansas Bioscience Authority after expansion plans for the Kansas Bioscience Park as initially planned didn’t materialize. That means it currently doesn’t collect any property tax from the site to be developed.
According to city documents related to the agreement, Artio intends to request industrial revenue bonds, but the exact timeline on that application and the amount to be considered has not been established. Additionally, the city will consider a 10-year, 55% tax abatement request.
Earlier this year, Integris BioServices, LLC, also signed a real estate contract with the city related to the bioscience park to build a biomedical research headquarters on six acres near the KSU campus.
The real estate agreement between the city of Olathe and Artio will be formally considered during the Dec. 7 City Council meeting.