The Shawnee City Council approved several financing measures to close the deal on bringing Federated Rural Electric Insurance Exchange from Lenexa to Shawnee.
Included in the financial measures and incentives are Industrial Revenue Bonds, a Shawnee Entrepreneurial and Economic Development, or SEED, forgivable loan and an excise tax abatement agreement.
Federated Rural Electric Insurance Exchange is building a 36,690-square-foot, two story professional office building on more than 18 acres of land at 7725 Renner Road. The company is the country’s leading provider of property and casualty insurance for rural electric utilities. Its corporate payroll is $8.5 million and, in addition to the 60 employees who would be headquartered in Shawnee, there are another 30 employees who work around the country.
(Read more: Shawnee Dispatch)