The Wichita City Council approved new economic development guidelines at their Tuesday meeting.
The plan has been in the works since 2018 and key elements include business attraction, retention and assistance. It was drafted based on feedback from the Greater Wichita Partnership, businesses, developers, and others.
Some of the highlights include changes to the city's tax abatement matrix, the addition of a community improvement districts origination fee and changes to tax increment financing areas.
Council member James Clendenin says the plan has the potential to help increase investment in areas of town that are declining.
The plan was last updated in 2012.
The city council tackled several other items in their first October meeting.
They amended and repealed several city ordinances pertaining to emergency wrecker services. The new ordinance adds a condition that violations of laws are grounds to deny, suspend or revoke a license. It's designed to protect citizens but will also give wrecker services their right to a full hearing in front of the city council.
Larksfield Place in northeast Wichita will receive $50 million in healthcare facilities revenue bonds. The money will refinance older bonds to get interest rate savings, finance improvements to the facility and add to a contingency fund.
The council also approved $6.25 million in industrial revenue bonds for a multi-family housing development on the southeast corner of Central and 127th Street East.
Finally, the city signed a 5-year parking agreement for a surface parking lot located at 200 South Broadway. The minimum annual lease revenue based on 22 spaces would total nearly $8 thousand.