Tuesday, October 11, 2011
The Wichita City Council approved a plan to refinance the bonds issued for the Old Town Marriott Hotel.
The bonds will reach their maturity December 1, 2011. Wells Fargo Bank has agreed to buy the bonds from another bank and add an additional $1.75 million of debt.
The Marriott has employed 77 full time jobs at an average of $20 thousand . With the council's vote, the property tax abatement will be extended for another five years.
There is no financial impact to the city by approving the refinancing. City leaders say the money will be paid through property taxes as time goes on.