Downtown Wichita arena

Intrust Bank Arena loss for 2019 nears $5 million

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…
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The finances of Intrust Bank Arena in Wichita

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…
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Wichita considers a new stadium

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

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…
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Naftzger Park contract: Who is in control?

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…
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