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Commission approves TIF-district amendment to support downtown biomedical campus projects
Summary
The commission found no adverse effect on the county and approved a district-plan amendment allowing additional TIF support for downtown parking and housing tied to the new biomedical campus; staff estimated foregone incremental county revenue of about $2 million over the TIF life but said the change would enable roughly $75 million private investment and $28.5 million in public parking support.
Deputy CFO Brent Shelton told commissioners the City of Wichita seeks an amendment to the Center City South TIF district plan to enable additional TIF revenues and remove a prior cap on parking expenditures so a project supporting the new biomedical campus can be financed. Shelton said maintaining the county's 30% incremental share at its current dollar level (about $370,000) would forego an estimated $2 million in incremental taxes over the district's remaining life but would also unlock the incremental revenue the city needs to support a project with roughly $75 million of private investment and a $28.5 million parking investment.
City staff (assistant city manager Troy Anderson) described the concept: mixed-use development including a parking structure sized to meet biomedical-campus demand and to support surrounding users. Commissioners asked about the project's "but-for" need for TIF, private-sector commitments and eventual parking capacity; staff said the amendment is a necessary district-level change to make future project plans feasible and that the projected payback occurs later in the TIF life. After discussion the commission adopted a resolution finding the amendment would not have an adverse effect on Sedgwick County and approved the amendment.
