Council continues public hearing, approves IRB letter of intent after applicant adds jobs commitment

The Wichita City Council took action on a request by WAM 4200 LLC to issue industrial revenue bonds (IRBs) for acquisition and renovation of three existing buildings at 4200 West Harry.

Troy Anderson, assistant city manager, said WAM 4200 proposed roughly $2 million in renovations, plus a new commitment to create five manufacturing jobs for aircraft parts and auxiliary equipment. That additional employment changed the incentive calculation under the city's economic development guidelines, and staff reported the project now qualifies for an 80% property tax abatement (40% for capital investment, 30% for new jobs, 10% for regional growth plan sector). Anderson said the first-year cost of that abatement to local units was roughly $65,000, with the city share at about $20,000; the estimated sales tax exemption value for the renovation was about $75,000 and the city's portion of that was about $5,800.

Economic-development partners, including the Greater Wichita Partnership and the city’s economic development office, spoke in support. Chris Madsen, vice president of WAM Capital and representative of the applicant, said the company aims to bring aircraft manufacturing-related tenants to the site and create new local jobs.

Council received public comment and, after questions about the abatement structure and tracking, closed the public hearing and adopted the resolution to proceed; the council vote approving the resolution and authorizations was 7–0.

Staff noted that the company will pay all issuance costs and that the city will not loan funds or bear repayment risk; a five-year lookback will verify capital investment and job creation before the abatement continues for years six through ten per standard protocol.