Wednesday, May 9, 2012
Sedgwick county commissioners passed a Southfork Tax Increment Financing district for 47th Street South and the I-135 interchange in south Wichita.
Commisioners voted 3-2 in favor of the proposal, with Commissioner Karl Peterjohn and Richard Ranzau denied.
"It's about highest and best use of the land," Commissioner Tim Norton said.
The city determined that the area is eligible for a TIF district because it is a 'blighted area.' More than 50-percent of the area sits in a 100-year-old FEMA flood plain. Commercial development covers about 72 acres.
The total funding of the project is $154,939,685. The developer asked for $9,894,000 in TIF property tax.