A local developer is proposing a new industrial park on 52 acres in southwest Wichita.
Jeff Lange, manager for TCRS, a real estate development company, will ask the City Council on Tuesday to approve $34 million in Industrial Revenue Bonds.
The bonds would help offset the cost of the project, which would be at MacArthur and Seneca, just south of I-235. The bonds would go toward the land purchase and construction of several buildings with more than 600,000 square feet of manufacturing and warehouse space.
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TCRS would lease the facilities to tenants and expects to add at least 30 new jobs with average salaries of about $40,000 within five years, according to city documents.
Lange could not be reached for comment.
In a letter to the council, Lange said they could break ground this spring and have tenants on site as early as fall 2015 with the help of the bonds.
TCRS also requests that the council approve an 84 percent, five-year tax exemption on the IRB-financed property improvements and a second five-year exemption based upon performance, according to city documents.
Lange owns Jeff Lange Real Estate and Auction, Lange Homes, TCRS and RedGuard, a $50 million company that designs and builds blast-resistant buildings, according to city documents.
In September, RedGuard opened a new plant in Halstead.
Land: $5 million
Site: $1 million
Soft costs, legal fees: $750,000
Contingency: $1.5 million
Building: $25.75 million
TOTAL: $34 million