In Wichita, developer welfare under a cloud
A downtown Wichita project receives a small benefit from the city, with no mention of the really big money. Today the Wichita City Council approved a subsidy for a project in downtown Wichita. The city will lend the developer of a project at 303 S. Broadway $620,000 to improve the building's facade. The property must repay this amount through an assessment on its property tax. The benefit to the property is that the city is able to borrow money at a lower interest rate, and this reduces the cost of borrowing for the project. The agenda packet for this item…