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Tax Break Tracker Individual Entry

Each individual entry is a single program reported by a single jurisdiction in a given fiscal year. Because we want to track the level and quality of disclosure as well as the content, the values below -- with the exception of program names -- are entered exactly as they are reported. See our user guide for more explanations.

StateKansas
Effected JurisdictionCity of Wichita
Jurisdiction type: Municipality
Fiscal year ending In2016
Program nameIndustrial Revenue Bonds (IRB) Program
Program purpose: Construction/rehabilitation
Statutory authority: K.S.A. 79-201(a); K.S.A. 79-3601 et seq.
Abating jurisdiction(s): City of Wichita
Applicable taxesProperty Tax; Sales Ta
Method of abatement: Tax Exemption; lower interest on bonds
Provisions for recapture: Cost-benefit analysis is required for approval. Further, pursuant to the City’s economic development policy, clawback provisions relating to the repayment or cessation of incentives are to be included in all incentive agreements. These clawback provisions allow the City to require repayment of a portion or all of the abatement if the entity does not meet its commitments.
Gross revenue loss: $3,300,000
Reimbursement / offset: $0
Net revenue loss: $3,300,000
Type of loss: Active
Additional notes on dislosure(none)
Document sourcehttps://www.wichita.gov/Finance/Pages/FinancialDocs.aspx