City Council OKs tax exemption for composites company
04/02/2013 5:13 PM
04/02/2013 5:14 PM
The Wichita City Council approved a 100 percent tax exemption on a facility expansion for Leading Technology Composites at its meeting Tuesday morning.
The exemption would apply to a 48,400-square-foot expansion at its facility, 2626 W. May, which was constructed at a cost of about $1.3 million.
The estimated tax value of the first year’s exemption is $39,184, including $10,553 in city tax revenue, $9,570 for the county, $488 for the state and $18,573 for USD 259.
According to city documents, the company produces composite-based materials for the automotive and aerospace industries, as well as for the U.S. military.
Allen Bell, the city’s director of urban development, told the council that the company previously received exemptions in 2007 and in 2010. The council voted 7-0 to approve the measure.
The council also voted 7-0 to approve a letter of intent to issue health care facilities revenue bonds for no more than $30 million for Larksfield Place, a nonprofit retirement and nursing facility.
The bonds would be used to refinance bonds from 1999 and 2007, and about $3 million would pay for the renovation and construction of about 10,000 square feet at a facility at 2828 N. Governeour, according to city documents.
The council also approved a petition for a facade renovation at 915 W. Douglas, the location of 915 Arch Partners LLC, a development team made up of Ted Timsah and Jeff Krumsick.
The developer plans to renovate the building for retail, according to city documents. The developers are requesting between $70,000 and $90,000. A public hearing on the issue was set for April 16.
Council member Paul Gray abstained from voting due to a conflict of interest, and vice mayor Janet Miller did not vote. The measure passed with support from the rest of the council.
The council also approved additional spending on the Block One parking garage by Key Construction.
A change order, moved from new business to the council’s consent agenda, was for about $14,700. Change orders over the last few months have increased the total amount for the project at the corner of Topeka and William streets from about $4.7 million to $5.1 million, according to city documents.
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