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City paid $5,950 for analysis on Exchange Place TIF

Stanley D. Longhofer, Stephen L. Clark Chair of Real Estate and Finance in the Barton School of Business at Wichita State University and the founding director of the Center for Real EstateThe city paid $5,950 –  or $200 an hour — for the third-party analysis of Real Development’s controversial Exchange Place condo project in downtown Wichita.

The analysis was at the heart of the complicated and lengthy debate that led council members to increase public financing from $9.3 million to $10.3 million. While the report was widely discussed, the council ultimately decided to move forward despite risks outlined in several scenarios in the analysis.

So how was the report funded? It’s a bit complicated. (more…)