Tweaked Southfork proposal returns to Wichita City Council
03/04/2012 11:00 AM
08/05/2014 11:09 PM
Jay Maxwell’s 72-acre Southfork redevelopment district at I-135 and 47th Street South will reappear before the Wichita City Council on Tuesday with some tweaks.
The city staff is recommending an April 10 public hearing on Maxwell’s revised plan for retail, hotel, restaurants and office space on the initial 50 acres of the south Wichita property, along with a medical complex on the 22 acres west of the Riverside Drainage Canal.
The original redevelopment district for the area was rescinded Feb. 7 by the City Council at the request of Sedgwick County commissioners. The county asked that all the property be removed from the 100-year floodplain and that the excess tax increment financing revenue be capped.
Tax increment financing captures future taxes to subsidize current improvements in the district. Costs covered by TIF financing in a redevelopment district include site preparation, land acquisition and infrastructure.
Since the February action, Maxwell and city staff have developed a plan to raise the development property above the floodplain and have capped the TIF revenue at $16.5 million.
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