Business

City pulls back on Real Development facade loans

WICHITA — The city this morning trimmed the amount of a loans it gave prominent downtown developers Real Development after an internal review found some of the work didn't qualify for the city's financing program.

The work was supposed to improve only the exterior facades of the Broadway Plaza building at 105 S. Broadway. But a city review found the work included an inset doorway that became part of the internal entryway during construction, said Allen Bell, the city's director of urban development.

That cuts the city's loan from $603,000 to $559,000.

The city also cut short its plans to finance a nearly $3 million facade improvement plan by Real Development at Sutton Place, 209 E. William.

Bell said there hasn't been much progress on the improvements and that the city should terminate the financing at $241,000 to protect the city.

Once the city sells bonds for the project, it can place liens on the property to protect the ctiy's finances, Bell said.

Council members approved the moves unanimously.

  Comments