WICHITA, Kan. (KSNW) — The new owners of Towne West Square say it will cost $41 million to breathe new life into the old mall. Wichita Maple LLC is asking the city to issue $21 million in industrial revenue bonds (IRB) and for a sales tax exemption on construction materials and labor.
Wichita City Councilman Dalton Glasscock supports the request because approving it does not risk taxpayer dollars.
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“The city acts as a cosigner for the project but not for the debt, so there’s no city tax dollars at risk for this project. This allows them to apply for a sales tax exemption for the new construction material for the massive investment they’re making on Maple Street,” Glasscock said.
The city is set to vote on the IRB request on July 15. Maple LLC is also expected to request a tax increment financing district (TIF), which would keep their property tax low temporarily as construction begins and the owners try to attract tenants…