Title
CONSIDER PROPOSED CREATION OF THE SOUTHFORK TAX INCREMENT DISTRICT.
Presented by: Chris Chronis, C.F.O.
RECOMMENDED ACTION: Consider the proposal and take action as appropriate.
Body
On December 6, 2011, the Wichita City Council conducted a public hearing and placed on first reading an ordinance establishing the Southfork Redevelopment District. On January 4, 2012, the Board of County Commissioners adopted a resolution finding that the proposed establishment of the district would hinder effective future delivery of public services and therefore would create an adverse effect on Sedgwick County, and requesting that the City take action to terminate the district. On February 7, 2012, the City Council did so.
The principal concerns voiced by Commissioners were that much of the project would remain in the 100 year flood plain after development, and that the projected amount of tax increment funds that would be diverted to the district from Sedgwick County, USD 259 and Wichita far exceeded the identified planned uses of tax increment funds. Additional commissioner comments addressed the economic feasibility of the project and the announced intention of the developer and City to provide additional public support to the developer in the form of Community Improvement District sales taxes. In the months since, the City and developer have altered their plans to address concerns which had been voiced by Commissioners. The pertinent changes to the District Plan include a provision requiring that all property in the project areas other than drainage structures and easements must be raised above the 100-year flood plain, and a provision capping the tax increment that can be used on the project, including interest on city bonds that will be issued to finance construction, at $16.5-million.
On April 10, 2012, the City Council again conducted a public hearing and placed on first reading an ordinance establishing the Southfork Redevelopment District. It is a proposed t...
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