Title
CONSIDERATION OF THE PROPOSED CREATION OF THE MAIZE 54 REDEVELOPMENT (TAX INCREMENT FINANCING) DISTRICT. (BOWLLAGIO).
Presented by: Troy Bruun, Deputy C.F.O.
RECOMMENDED ACTION: Consider the proposal and take action as appropriate.
Body
On November 20, 2012, the Wichita City Council conducted a public hearing and placed on first reading an ordinance establishing the Maize 54 Redevelopment District. The council voted 4 - 3 to approve the redevelopment district. The proposed district lies generally north of the intersection of Maize Road and Highway 54. It is predominantly located on the east side of Maize Road with a smaller area (approximately 9 parcels) lying west of Maize Road. The total area is approximately 86 ½ acres.
Development plans and financial projections are preliminary and are subject to change. They will not be finalized until the City enters into a development agreement with the prospective developer; which occurs subsequent to the creation of the district. The county's only opportunity to approve or oppose creation of the district expires December 20, 2012, which is 30 days after the City's November 20 public hearing.
State law gives the county the option to veto creation of the district if it finds that it would create an adverse effect on the County. State law doesn't define "adverse effect." County policy provides five considerations, any one of which may constitute adverse effect and justify opposition to creation of the district. If none of the five considerations are found to exist, or if they do not exist to a substantial degree, County policy is to approve creation of the district. The five considerations are:
1. Does the potential loss of tax revenue hinder future service delivery?
2. Is the proposed project economically feasible without county funding support?
3. Is proposed private equity funding insufficient to effect default risk?
4. Are costs to County government greater than benefits to County governmen...
Click here for full text