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Council adopts resolution to support 721 West Maple multifamily project with revenue bonds and tax abatements
Summary
City staff presented a loan-of-concept for approximately $6 million in multifamily revenue bonds and associated property and sales tax abatements for a proposed 36-unit Downtown Delano development; staff said revenue bonds do not place taxpayers at risk and showed a cost-benefit analysis favorable to city, county and state.
The Wichita City Council on May 6 adopted a resolution supporting a letter of intent to issue multifamily residential revenue bonds for 721 West Maple, a proposed 36-unit downtown Delano project that developers described as a three-building prototype intended to attract young professionals and other residents seeking modern downtown housing.
Assistant City Manager Troy Anderson reviewed the proposed use of approximately $6 million in revenue bonds and explained that,…
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