Wichita City Council members have approved the closing of a tax financing district in Old Town. The Old Town Cinema Redevelopment District was established in 1999 with a project for a parking garage, a plaza and street improvements. The project included improvements to Rock Island and Mosley streets between 2nd and 3rd Streets. The city issued close to $5 million in debt to finance the project costs, using the increases in property tax revenue from the district. Mark Manning with the city’s finance department told the council that the debts have been paid and the district has reimbursed the city’s debt service fund for all expenses from the project.
Source: 101.3 KFDI
