The Wichita City Council has approved a new development agreement for properties near Riverfront Stadium.
After the city buys back the property from Wichita Riverfront LP, they will resell it for the same amount - $1/acre - to EPC Real Estate Group. EPC plans to construct a 155-key hotel, 150-unit apartment complex, 10,000 square feet of retail space and a 260-stall parking garage, all essential to generating significant tax revenue to pay off the debt of building the stadium. Without it, taxpayers would be on the hook for the bill.
The motion passed 6-1, with Council member Jeff Blubaugh voicing concerns with future development plans for the parking lot north of the stadium.
The new agreement has additional safeguards in place to assure that development benchmarks are met as the project moves forward. They are:
Within 9 months of Effective Date: submit an application and associated construction drawings sufficient to obtain a footing & foundation permit from the joint City of Wichita and Sedgwick County Metropolitan Area Building & Construction Department (“MABCD”).
Within 12 months of Effective Date: submit an application and associated construction drawings sufficient to obtain a building permit from MABCD.
Within 13 months of Effective Date: commence construction as defined herein.
Within 15 months of Effective Date: commence vertical construction of hotel, multifamily residential apartments, and parking garage.
Within 30 months of Effective Date: obtain temporary certificate of cccupancy for all buildings comprising the project.
Developer further agrees to make diligent progress throughout the development timeline and to make every commercially reasonable effort to complete the project sooner than 30 months.
The council discussed several other items Tuesday. They approved $800 thousand for the design, construction and artwork associated with a new dog park, proposed near Central and Ridge in west Wichita.
Also approved was a $364,196.44 contract for RFID technology being implemented in the Wichita Public Library system. The technology will keep track of over 1 million items located there, saving $153,190 in staff time annually and saving the public 380 hours of time as well.
The Old Town Cinema redevelopment TIF district will be dissolved next year. Established in late 1999 and approved in 2002, it funded land acquisitions, a parking garage and the central plaza. The district's end means the city will receive an additional $196 thousand annually in property tax.