The Wichita City Council on Tuesday approved pumping nearly $10 million in additional public incentives into its minor league baseball stadium district, including a tax-funded parking garage and tax breaks on two office buildings for developers. The move is meant to jump-start development of two office buildings and a hotel along McLean Boulevard. Taxes generated at those businesses would help pay off the debt on $75 million Riverfront Stadium. The city approved diverting $8.7 million in property taxes collected in the Delano Tax Increment Financing (TIF) district to pay for a 283-stall parking garage directly east of the stadium. With the vote, the council approved issuing up to $40 million in industrial revenue bonds (IRBs) for the team’s office buildings, which provides a $906,500 tax exemption on building materials for the Wind Surge owners and EPC Real Estate. The sales tax exemption does not apply to the hotel building.
Source: Wichita Eagle
