The City of Wichita is considering establishing a Tax Increment Financing, or TIF, district to support development along the west bank of the Arkansas River.
The TIF district would help fund improvements to the 95-acre area that includes Lawrence-Dumont Stadium, the Delano Catalyst Site and the future Advanced Learning Library.
Mark Elder with the Office of Urban Development says the city is already working to set up a STAR bond district in the area to pay for improvements there.
“This TIF district is being proposed in coordination with other efforts due to the activity and the increase in activity in Delano and the west bank," he told Wichita City Council members Tuesday.
The TIF district won’t raise sales or property tax rates. Instead, the city will pay for the redevelopment project costs with the increased taxes generated there over time.
The City Council has set a public hearing on the TIF district for April 11. After that, the city will put together a project plan and a budget.
During the same meeting, council members signed new real estate purchase and funding agreements for the joint Law Enforcement Training Center with Sedgwick County.
An earlier agreement fell through after Sedgwick County officials raised concerns with the financing structure.
Mayor Jeff Longwell said it’s taken a long time to get to this point.
“It’s gonna be a great facility, [we're] looking forward to it opening up," he said. "[We] appreciate the county leadership working with us to finalize this agreement.”
Under the new terms, both the city and county will pay their half of the $10 million purchase price once the building is completed. The county has also agreed to pay the city’s $150,000 financing costs.
The center is being built on Wichita State University’s Innovation Campus. It’s scheduled to open next spring.
--
Follow Nadya Faulx on Twitter @NadyaFaulx.
To contact KMUW News or to send in a news tip, reach us at news@kmuw.org.
