OLATHE, Kan. — The City of Olathe will soon issue bonds to support new development in the Kansas Bioscience Park.

On Tuesday, the city council voted 6-0 to approve the issuance of $30 million in industrial revenue bonds (IRB) to support the construction of a new medical manufacturing facility. 

Prairie Village-based Artio Medical intends to build a 50,000-square-foot bioscience office and medical device manufacturing facility on roughly 15 acres located at 107th Street and South Valley Road. The council approved a 10-year, 55% property tax abatement for the project. 

This will be the first of three buildings Artio plans to develop on the property. According to city documents, the developer is planning to create two additional buildings totaling more than 300,000 square feet to replace nine smaller office buildings originally planned for this portion of the business park.

The project is expected to create 162 new jobs over the next decade with a starting salary of $65,000. 

“Currently, as it’s a city owned property, there is no property tax coming in. With the inclusion of this project we estimate that there will be approximately $41,000 in annual property tax with the IRB tax applied,” said John Page, financial strategy manager for the city. 

Page said the project is estimated to generate roughly $412,273 in property tax for the city over the 10-year period.