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, the Wichita City Council conducted a public hearing and placed on first reading an ordinance establishing the Southfork Redevelopment District, a proposed tax increment district consisting of approximately 72 acres south of 47th Street South, west of I-135, east of Broadway, and north of Custy Street. The area is eligible to receive tax increment funding pursuant to state law because more than 50% of the land in the proposed TIF district is within a 100 year flood plain identified by FEMA. The proposed district includes approximately 50 acres between I-135 and the Riverside Drainage Canal (also known as the Big Slough) and approximately 22 acres between the Big Slough and Broadway. The entire 50 acre tract lies in the 100 year flood plain.
All development plans and financial projections must be considered preliminary and subject to change. They will not be finalized until the city enters into a development agreement with the prospective developer, and that will not happen until after the district is created. The County's single opportunity to approve or oppose creation of the district expires January 5, 30 days after the city's December 6 public hearing. Thus, the County's action to approve or oppose creation of the district must necessarily be based on the preliminary data that has been provided by the developer and city.
State law allows the County to oppose creation of the district if it is found to create an adverse effect on the county, but does not define the term '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...
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