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Developers propose $191M 'Ignite at K‑96' Star Bond phase; city told no general‑fund backstop
Summary
A private development team presented a proposed phase‑3 Star Bond project at K‑96/Greenwich — a multi‑sport family destination including a Wichita State tennis center and resort hotel — estimating $191 million in total cost and $73 million in potential bond proceeds; the team requested a Dec. 9 public hearing.
A development team seeking the next phase of the K‑96/Greenwich Star Bond District presented an ambitious mixed entertainment and sports project and asked the council to set a public hearing on the project plan amendment.
Marty Cornejo of Family Destination Development and counsel Mark Abbott described a planned destination branded as “Ignite at K‑96” that would include a Wichita State tennis center (indoor/outdoor courts suitable to host Division I events), indoor surf and simulated sports attractions, an indoor/outdoor mini‑golf and interactive baseball venue, go‑kart racing, a synthetic ice rink and a 150‑room resort hotel.
Developers estimated a total project cost of roughly $191 million with approximately $86 million of costs eligible under the Star Bond statute. An underwriter‑based feasibility assessment cited to the council estimated up to $73 million in bond proceeds could be sold, with a Department of Commerce cap of approximately $79.5 million. Developers said roughly 69 percent of the total project investment would be private; about 31 percent would be funded via captured Star Bond sales‑tax revenues during the district’s 20‑year term.
Mark Abbott emphasized the structure of Star Bond financing and asserted the bonds would be special limited obligations secured only by revenues captured in the district. “There is no city back‑stop,” he said, and the state Department of Commerce indicated it would not require a city general‑fund guarantee for this project, the team said.
City staff outlined estimated fiscal flows: the city currently contributes about $500,000 per year of sales‑tax revenue captured in the district; by year five the development team projected property‑tax and sales‑tax collections could offset that capture and that by year nine the city could see an estimated $1.2 million net positive effect compared with current baseline. Developers said property taxes would not be captured under Star Bond rules and estimated ~ $423,000 in property tax revenue at stabilization (year five).
Councilmembers asked about Wichita State’s role in the tennis center; staff and developers said WSU is expected to own and operate the tennis facility, but details of acquisition/transfer and reimbursement remain subject to the project plan, development agreement and future negotiations. The developer asked the council to schedule a public hearing on Dec. 9 to consider the project plan amendment.
No final council action was taken at the workshop; the council was scheduled to receive a public hearing and formal consideration in December.
