Bonds purchased for future site of Johnson County Museum
The Johnson County Arts & Heritage Center took another step forward last week as the county purchased more than $21 million in revenue bonds.
The bonds mark the final financial step to proceed with repurposing the former King Louie building, 8788 Metcalf Ave., into the Johnson County Arts & Heritage Center. On Thursday, after approval by the Board of County Commissioners, the Public Building Commission issued a series of lease purchase revenue bonds valued at $21,460,000.
Before the bonds were issued, the Johnson County Government earned Triple-A “stable” credit ratings from Standard & Poor's and Moody's Investor Service - the highest credit rating possible.
The Triple-A ratings allowed the county to get the bonds at a 3.36 interest rate while the market rate is currently 3.75, according to the county. The bond issuance attracted two bidders and the winning bid came from Robert W. Baird and Company, Incorporated.
Most of the $21,460,000 will go towards renovations at the Johnson County Arts & Heritage Center. $2.9 million will pay of the current lease with UMB.
Once renovated, the building will serve as the new home to the Johnson County Museum, which is currently in Shawnee. It will also include a flex theatre and rehearsal space for the Shawnee's Theatre in the theatre's off-season performances, space for Johnson County Park & Recreation District art and culture programming, and a new advance voting site.
A soft opening for advance voting is slated for July 2016 with the Johnson County Museum and JCPRD to open in 2017.