Title
UNION STATION REDEVELOPMENT DISTRICT, TAX INCREMENT FINANCING.
Presented by: Brent Shelton, Tax System Director.
RECOMMENDED ACTION: Consider the proposal and take appropriate action.
Body
The City of Wichita approved, on October 7, 2014, the creation of a Tax Increment Financing District to provide support for the redevelopment of the Union Station site in downtown Wichita. This approval begins a 30 day window within which Sedgwick County and/or USD 259 may take action concerning the proposed TIF District. BOCC has three options:
1. Approve the TIF
2. Veto the TIF
3. Take no action; which equates to a default approval of the TIF district.
BOCC Resolution 90-08 established a Tax Increment Finance Policy that sets forth the criteria by which a city's proposed TIF district be evaluated. A determination that the proposed TIF district creates adverse effect to Sedgwick County shall be cause to disapprove the TIF district.
Five criteria determine adverse effect:
1. Potential loss of tax revenue would hinder effective future delivery of public services.
2. Proposed project is economically feasible without county funding support.
3. Proposed private equity funding is insufficient to effect default risk.
4. Costs to county government are greater than benefits to county government.
5. Sufficient data or notification was not provided for county staff to adequately review the proposal for a TIF district.
Attached are:
1. Resolution Approving the TIF District
2. Resolution Disapproving the TIF District
3. TIF District Analysis by Sedgwick County Finance Division pursuant to BOCC Resolution 90-08
4. City Evaluation of the Union Station Proposal
Alternatives:
1. Adopt a Resolution Approving the TIF District
2. Adopt a Resolution Disapproving the TIF District
3. Take no Action. Resulting in the establishment of the TIF District
Financial Considerations: In 2014, Sedgwick County's tax revenues from the five parcels comprisi...
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