Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
City letter of intent for $12M IRB to create spec building on Air Capital flight line
Summary
County staff summarized a City of Wichita letter of intent to issue $12,000,000 in industrial revenue bonds for a speculative building at the Spirit/Boeing campus, including a 95% tax abatement for five years and a conditional 50% abatement for five more years; no tenant has been identified.
County staff explained a City of Wichita action that would support economic development on the Air Capital flight line.
Brent, a county presenter, said the city "approved a letter of intent to issue $12,000,000 in industrial revenue bonds in the Air Capital flight line." He described the plan as funding a speculative building on the Spirit/Boeing campus with no identified tenant. Under the incentive structure Brent described, the proposal would provide a 95% tax abatement for the first five years and a potential 50% abatement in the second five-year period if certain tenancy qualifications are met. Brent said, "So we're really not giving up anything. A new building is gonna be built. They just don't have the tenants identified at this point."
Commissioners asked whether the county would forfeit any previously promised revenues or otherwise be financially exposed; staff answered the abatement would apply only while qualification conditions are met and otherwise the property would go back on the tax roll. The item was described as informational at the agenda-review meeting; the commission did not take a formal vote during this session.
