Wichita ‘claws back’ $100,000 in tax breaks from company that created too few jobs

Wichita is “clawing back” about a fifth of the tax breaks it gave a company that failed to create the jobs it promised.

Fiber Dynamics, a company founded by Darrin Teeter to commercialize technology developed at Wichita State’s National Institute for Aviation Research in the early ‘90s, hasn’t had to pay city property taxes since 2008, an estimated value of more than $500,000.

Now, it has to pay $100,000 in back taxes because it didn’t create enough jobs, based on a new agreement with the city.

The city has twice given Fiber Dynamics a five-year tax abatement, dating back to 2008, with the understanding it would complete a $3.1 million expansion and add 79 jobs.

(Read more: Wichita Eagle)