City commissioners plan to hold a public hearing and discuss issuing about $6.7 million in industrial revenue refunding and improvement bonds for Manko Window Systems, Inc. Tuesday.
City manager Ron Fehr said $1.7 million will be for refinancing of existing bonds in order to take advantage of lower interest rates. The bonds being considered for refinancing were refinanced in 2008, but rates have dropped since then, and city officials say it would be beneficial to refinance them again.
The remaining $5 million is for Manko to add 20,000 additional square feet of space, and is expected to create 33 new positions, all with wages above $12 per hour.
Fehr said if the city issues the bonds to Manko, it will not be responsible for the debt. He said companies usually request these bonds when also asking for tax breaks or incentives, but the city of Manhattan has not given any such incentives.
The commission meets at 7 p.m. Tuesday in the City Commission Room in City Hall, 1101 Poyntz Ave. The meeting is televised on cable channel 3. This is the first meeting of the month and before the commission discusses the agenda, it will allow open public comments to any items, issues or concerns the residents may want to voice that do not pertain to the items on the agenda.