Print edition: 
The Wichita City Council on Tuesday set an April 13 public hearing on a Real Development request to expand a tax increment financing plan for the Exchange Place condo project at Douglas and Market.
Developers Michael Elzufon and Dave Lundberg want an extra $2.2 million in tax increment financing for a drastically reshaped deal to turn three buildings into condos, retail space and an automated parking garage.
It's a low-risk deal for the city, the developers say, with the potential to generate thousands of dollars in extra property taxes.
The hearing was approved without council comment as part of the regular consent agenda. A time will be set closer to the hearing.
But council member Janet Miller brought the hearing up publicly "for our viewers and listeners... because sometimes we have people who aren't aware that public hearings are coming up until the day they happen."
Elzufon and Lundberg want to add $2.2 million from the Center City South Redevelopment District TIF to an expanded $51.5 million plan for the Exchange Place project.
The extra TIF money would seal the deal, they say, for a $30 million HUD loan that would allow the company to increase its private Exchange Place investment to $40 million.
Elzufon said his studies show the district can generate the extra tax revenue, but that city staff hasn't completed its study.
"We have an existing development agreement with the city," he said. "The new development agreement we're proposing is 99 percent the same thing."
He said the development agreement protects the city and its taxpayers through a shortfall guarantee.
"I hope (the council) and the public recognizes the benefits of our current plan versus what's now approved," Elzufon said.
"Significantly higher private investment, significantly more public parking, a million-plus hours in construction jobs, a substantial increase in property taxes."
The project calls for the creation of 230 residential units between the Bitting Building, Exchange Place and a new parking structure just to its east on Douglas.
Also included would be retail shop frontage along Douglas, including an urban grocery concept that Elzufon has developed for an operations partner that he's seeking.
The original Exchange Place plan carried a $27.8 million price tag, with almost $9.3 million in public investment.
"The end result of these changes is much less risk to the taxpayer, a better return on investment and a better value to the community," Elzufon said.
