Sedgwick County Commissioners have approved the city of Wichita's resolution to offer $450 million in industrial revenue bonds for Boeing Wichita.
Since Boeing is in the unincorporated area of the county, the city can't issue IRB's without the expressed support of the county commission.
As we mentioned Tuesday, the bonds are a financing mechanism for the city or county to offer a property tax or sales tax exemption for the company's investment. The city of Wichita and Sedgwick County is not loaning any money to Boeing and not giving up any taxes. They are simply deferring the taxes on Boeing's new investment. Once that 10-year abatement period is over, the tax base will increase.
Boeing must achieve their own financing for the $450 million in property improvements. They also plan to invest $1.35 billion for machinery and equipment, for a total investment of $1.8 billion. This will help the company add 150 new jobs with an annual average wage of $84,000.
Also at Wednesday's meeting, the board accepted a $750 thousand donation from the Unlikely Collaborators Foundation.
The donation will help fund the Pinnacle Health and Wellness Center, which will be located in downtown Wichita. It will benefit all first responders in the county.
The center will provide mental health therapy, trauma training and support, health screenings, strength, conditioning and physical therapy, peer team programming and annual wellness training.
