Wichita City Council members this morning put off a move indefinitely to give an accounting outsourcing firm a $22,000-a-year property tax abatement for its nearly completed expansion.
The industrial revenue bonds that Michelle Becker Inc., the real-estate holding company for Profit Builders Inc., sought typically are given to companies that either couldn’t expand without the tax breaks or would otherwise move out of the city.
Since Profit Builders Inc.’s west-side expansion is already about 90 percent complete and the company is obviously poised to stay here, council members said they couldn’t justify giving economic incentives.
The city doesn’t have a policy that addresses giving tax breaks to businesses that have already begun construction on expansions. Now council members are asking City Manager Robert Layton and Director of Urban Development Allen Bell to craft a rule that addresses that.