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Council delays decisions on two Old Town retail leases after questions on taxes, parking and lease structure
Summary
City council unanimously deferred approval of lease amendments for two city-owned Old Town retail spaces at 307–309 and 303 North Mead, asking staff to renegotiate terms and report back with market comparisons, tax history and parking-fund transfers by April 1.
The Wichita City Council on Tuesday voted unanimously to defer action on proposed amendments to leases for two city-owned retail spaces in Old Town at 307–309 and 303 North Mead, citing unanswered questions about property taxes, parking revenues, lease structure and whether the city should move from modified gross leases toward triple-net arrangements.
Council requested staff return with detailed comparables, a history of property-tax payments on the properties, the status of about $75,000 in parking-related receipts the city has not yet transferred to the parking fund and options for converting to a triple-net lease. The council set a date-certain return for April 1.
Councilme…
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