Downtown Wichita arena Archives

Oct

Intrust Bank Arena loss for 2019 nears $5 million

A truthful accounting of the finances of Intrust Bank Arena in downtown Wichita shows a large loss. The true state of the finances of the Intrust Bank Arena in downtown Wichita are not often a subject of public discussion. Arena boosters cite a revenue-sharing arrangement between the county and the arena operator, referring to this as profit or loss. But this arrangement is not an accurate and complete accounting, and it hides the true economics of the arena. What's missing is depreciation expense. There are at least two ways of looking at the finance of the arena. Nearly all attention…

The finances of Intrust Bank Arena in Wichita

May

By Bob Weeks

The finances of Intrust Bank Arena in Wichita

A truthful accounting of the finances of Intrust Bank Arena in downtown Wichita shows a large loss. Despite hosting the NCAA basketball tournament, the arena's "net income" fell. The true state of the finances of the Intrust Bank Arena in downtown Wichita are not often a subject of public discussion. Arena boosters cite a revenue-sharing arrangement between the county and the arena operator, referring to this as profit or loss. But this arrangement is not an accurate and complete accounting, and it hides the true economics of the arena. What's missing is depreciation expense. There are at least two ways…

Mar

By Bob Weeks

Wichita considers a new stadium

The City of Wichita plans subsidized development of a sports facility as an economic driver. Originally published in July 2017. This week the Wichita City Council will consider a project plan for a redevelopment district near Downtown Wichita. It is largely financed by Tax Increment Financing and STAR bonds. Both divert future incremental tax revenue to pay for various things within the district.[1. Weeks, Bob. STAR bonds in Kansas. Available at https://wichitaliberty.org/kansas-government/star-bonds-kansas/.] [1. Weeks, Bob. Wichita TIF projects: some background. Available at https://wichitaliberty.org/wichita-government/wichita-tif-projects-background/.] City documents promise this: "The City plans to substantially rehabilitate or replace Lawrence-Dumont Stadium into a multi-sport…

Intrust Bank Arena loss for 2017 is $4,222,182

Apr

By Bob Weeks

Intrust Bank Arena loss for 2017 is $4,222,182

As in years past, a truthful accounting of the finances of Intrust Bank Arena in downtown Wichita shows a large loss. The true state of the finances of the Intrust Bank Arena in downtown Wichita are not often a subject of public discussion. Arena boosters cite a revenue-sharing arrangement between the county and the arena operator, referring to this as profit or loss. But this arrangement is not an accurate and complete accounting, and it hides the true economics of the arena. What's missing is depreciation expense. There are at least two ways of looking at the finance of the…

Naftzger Park contract: Who is in control?

Aug

By Bob Weeks

Naftzger Park contract: Who is in control?

The City of Wichita says it retains final approval on the redesign of Naftzger Park, but a contract says otherwise. As part of the proposed redesign of Naftzger Park in downtown Wichita, an architectural firm has been engaged, and a contract agreed to. I've made the document available through Google Drive here. In responding to my request for the contract, the city included this information: The Naftzger Park design contract you requested is between SWA Balsley and TGC Development Group. SWA has provided a copy of the draft agreement. The City has coordinated with TGC in this effort to ensure…

Downtown Wichita gathering spaces that don’t destroy a park

Aug

By Bob Weeks

Downtown Wichita gathering spaces that don’t destroy a park

Wichita doesn't need to ruin a park for economic development, as there are other areas that would work and need development. One of the reasons for the redesign of Naftzger Park in downtown Wichita is to increase economic development. A city council agenda held, "These recommendations include opening up the park to provide for increased walking and public activity as well as to encourage development adjacent to the park." [1. Wichita city council agenda packet, July 18, 2017. Item IV-3.] Other city documents say the redesign of the small downtown Wichita park is to, "create a continuous flex space for…

Aug

By Bob Weeks

Naftzger Park concerts and parties?

In Wichita, a space for outdoor concerts may be created across the street from where amplified concerts are banned. One of the City of Wichita's stated purposes for the redesign of Naftzger Park in downtown Wichita is to, "create a continuous flex space for multi-use; i.e. Tai Chai, as well as other passive use activities including but not limited to weddings, concerts, performances, films, special celebrations and parties as well as quiet contemplation." [1. Request for Qualifications No. -- FP740043. Available at https://drive.google.com/file/d/0B97azj3TSm9MQ1ZVcXVsNVQ2dkE/view.] There may be a problem, however. Directly across the street from Naftzger Park lies Gallery Alley. This…

In Wichita, new stadium to be considered

Jul

By Bob Weeks

In Wichita, new stadium to be considered

The City of Wichita plans subsidized development of a sports facility as an economic driver. This week the Wichita City Council will consider a project plan for a redevelopment district near Downtown Wichita. It is largely financed by Tax Increment Financing and STAR bonds. Both divert future incremental tax revenue to pay for various things within the district.[1. Weeks, Bob. STAR bonds in Kansas. Available at https://wichitaliberty.org/kansas-government/star-bonds-kansas/.] [1. Weeks, Bob. Wichita TIF projects: some background. Available at https://wichitaliberty.org/wichita-government/wichita-tif-projects-background/.] City documents promise this: "The City plans to substantially rehabilitate or replace Lawrence-Dumont Stadium into a multi-sport athletic complex. The TIF project…

Intrust Bank Arena loss for 2016 is $4,293,901

Jul

By Bob Weeks

Intrust Bank Arena loss for 2016 is $4,293,901

As in years past, a truthful accounting of the finances of Intrust Bank Arena in downtown Wichita shows a large loss. The true state of the finances of the Intrust Bank Arena in downtown Wichita are not often a subject of public discussion. Arena boosters cite a revenue-sharing arrangement between the county and the arena operator, referring to this as profit or loss. But this arrangement is not an accurate and complete accounting, and hides the true economics of the arena. What's missing is depreciation expense. An example: In February 2015 the Wichita Eagle reported: "The arena’s net income for…

Jun

By Bob Weeks

Naftzger Park in Downtown Wichita

An information resource regarding the future of Naftzger Park in downtown Wichita. The City of Wichita is proposing to spend $1,500,000 to transform Naftzger Park from its present form to something else. Here are information resources: A Facebook group I created to share information. Please join and get involved. Request for Qualifications, including Renewed Urban Design Vision Statement. June 13, 2017. A photo album on Flickr. These photos are also in the facebook group. Update: The city council will consider setting the date for a public hearing. See Naftzger Park public hearing to be considered.