Tuesday, September 13, 2011
The Wichita City Council approved a tax increment finance district in downtown that will give developers tax incentives to build.
A public hearing was held in the council chambers Tuesday morning. The council considered this, the first project, under new rules to protect taxpayers investment.
Under the proposal, the city would pitch in $7.5 million for a 117 room, $30 million hotel at Douglas and Broadway, a parking garage and an urban park. The developer would finance the rest of the project. A hotel guest tax would generate $60,000 annually in revenue back to the city.
City staff says using public/private dollars will help bring in tourists and other business to Wichita. The city also claims the risk is very low, because so much revenue will be generated.
Construction on the project is expected to get underway in 45 days. The hotel is scheduled to open in 2013.