Council approves bonds for Spirit

The Wichita City Council on Tuesday approved $15 million in taxable industrial revenue bonds for Spirit AeroSystems.

Proceeds will be used to finance the ongoing modernization and expansion of Spirit's facilities. The vote was 6-0, with Mayor Carl Brewer abstaining because he is a former Spirit employee.

Property financed with the bond proceeds will be eligible for sales tax and property tax exemptions for 10 years, starting wit the year the bonds are issued. The bonds will mature on Jan. 1, 2022, and bear 6.76 percent interest per year.

Spirit plans to purchase the bonds itself. They will not be reoffered for sale to the public.