Wichita City Council approves more than $100 million in aerospace IRBs

The Wichita City Council on Tuesday approved more than $100 million in industrial revenue bonds for local aerospace companies.

The approved IRBs will help finance the completed construction of a new facility being leased to the city’s largest employer, Spirit AeroSystems Inc., and facility upgrades throughout 2019 for the second-largest employer, Textron Aviation.

IRBs require no taxpayer commitment and the city acts only as a pass-through entity. However, using IRB financing can help developers and companies secure a lower interest rate on projects.