WICHITA – Qualified developers will be able to help finance their projects and even pay some ongoing operations costs at their businesses with a special 2 cent sales tax under a new policy approved today by Wichita City Council members.
The policy also allows qualified developers to require special assessment payments from tenants in an approved development to help sweeten their business plans.
Such community development districts, approved by the state last year, would be limited to commercial developments where all property owners agree on the additional sales tax of special assessments.
But some council members are already talking about loosening some of the restrictions they approved to allow the incentives for residential developments in special circumstances when the city's existing special assessment program doesn't cover costs in new subdivisions. Council members will debate that and vote on it at another meeting.