Details and site make Union Station TIF a good move

As downtown Wichita continues its block-by-block reinvention, historic Union Station remains unimproved. The Wichita City Council should change that Tuesday by advancing establishment of a tax increment financing district that aims to help Occidental Management transform the property into a $54 million mixed-use development with retail, restaurants and office space. While it’s true that citizens and the Sedgwick County Commission have become wary of TIF districts, which have performed unevenly, this one has the added benefit of a “pay-as-you-go” approach that eliminates the city’s financial risk for the project. The city would use gains in property taxes to reimburse the developer for actual costs incurred, such as for land acquisition, site preparation and infrastructure, “but only to the extent that TIF revenue is actually generated,” according to a city document. This TIF is worth doing because of its potential to spur more investment and activity in the heart of downtown and give an iconic building new life. – Rhonda Holman

This story was originally published October 6, 2014 at 7:04 PM with the headline "Details and site make Union Station TIF a good move."