Voice For Liberty

Tag: Wichita city government

  • Wichita Eagle calls for a responsible plan for higher taxes

    Wichita Eagle calls for a responsible plan for higher taxes

    A Wichita Eagle editorial argues for higher property taxes to help the city grow.

    In a recent op-ed, the Wichita Eagle editorial board writes: “It’s hard to make the argument that Wichitans are overtaxed by their city government. It’s time for the community to look at how it helps the city grow. A responsible plan that asks Wichita families to chip in the cost of a family meal should be part of the conversation.” 1

    First, note that some factual elements of the editorial board’s argument are incorrect, as I show in Wichita Eagle argues for higher taxes.

    The argument that a tax increase is only “the cost of a family meal” is weak. (From the editorial: “A 1-mill increase would cost a property owner $11.50 annually for every $100,000 of appraised value of a home.”) In other words, it’s just a little bit. Just one dollar each month. You won’t even notice it.

    This is a standard argument made by those who want higher taxes and those who oppose tax cuts. The problem is just that: Everyone makes this argument, and when added together, the nickels and dimes add up to real money.

    Besides, there are families in Wichita who have trouble paying for family meals.

    Then, there’s the effect on business. An ongoing study reveals that generally, property taxes on commercial and industrial property in Wichita are high. Specifically, taxes on commercial property in Wichita are among the highest in the nation. Commercial property is taxed at 2.180 times the rate as residential property. (The U.S. average is 1.683.) Because Wichita’s ratio is high, it leads to high property taxes on commercial property. 2

    Raising taxes on commercial enterprise shifts economic activity from the private sector to government. Citizens may want to ask where money is spent most beneficially.

    The Eagle editorial board says higher property taxes could help the city grow. There’s no doubt the city needs help growing. But given the record of our local government leaders — both elected and bureaucratic — it’s difficult to see how giving them more money to spend will help.

    WaterWalk, downtown Wichita, September 30, 2014. There has been little change since then, except for the loss of Gander Mountain.
    As an example of government helping the city grow, consider the Waterwalk development in downtown Wichita. Despite some $41 million in taxpayer subsidy, the development languishes. On top of that, the city doesn’t enforce agreements that might benefit taxpayers. 3

    The Wichita Eagle editorialized “Seven years into a project that was supposed to give Wichita a grand gathering place full of shops, restaurants and night spots as well as offices and condos, some City Council members and citizens remain skeptical at best about WaterWalk’s ability to deliver on its big promises. … True, the skepticism to date is richly deserved.” 4

    Oh. That editorial was written in 2009, nine years ago. Since then, there has been some improvement, like the Marriott Fairfield Inn and Suites Hotel and the fountain. But, Gander Mountain — the development’s retail anchor — closed.

    The present Eagle editorial board calls for a “responsible plan.” But when we see the city spending on things like Waterwalk and then failing to uphold agreements designed to protect taxpayers — well, the city hasn’t been acting responsibly.

    Contrast downtown’s Waterwalk with Waterfront, a development at 13th and Webb Road in east Wichita that started around the same time as Waterwalk. There, developers spent millions of their own money to build a beautiful parkway, sewers, traffic lights, and the like. 5

    Merchants at Wichita’s Waterfront. Click for larger.
    It is at Waterfront where we see large first-class office buildings and small executive offices. It is there we find desirable nationally-known restaurants like Abuelo’s Mexican Food Embassy, Bonefish Grill, PF Chang’s China Bistro, and Red Robin. We also see fine local restaurants like Chester’s Chophouse & Wine Bar. It is at Waterfront we find lodging like Homewood Suites by Hilton, retail stores like Ethan Allen, and the city’s only Whole Foods Market.

    All this at Waterfront was done without help from the taxpayers, unlike downtown’s Waterwalk consuming our $41 million. Other popular developments like Bradley Fair and New Market Square were developed with little or no government help.

    Trends of business activity in downtown Wichita. Click for larger.
    Even the subsidized “development” that most people agree is a success is not all it’s cracked up to be. That is downtown Wichita, where there has been hundreds of millions in private and public investment over the past decade. The result is that over the same time, business activity in downtown Wichita has been on a downhill trend. The data for 2016 (the most recent year for data) is a bit of good news, with the decline stopping and business activity remaining mostly unchanged. It isn’t the vibrant growth we’ve been told is happening in downtown Wichita, but at least things are not getting worse. 6

    So: Do we trust Wichita’s political and bureaucratic leaders to develop a “responsible plan?” Give this record, do we want to shift more resources from the private sector to the government sector?

    Competing tax hikes

    It’s surprising that the Eagle editorial board would recommend higher property taxes right now. That’s because it’s likely we’ll be asked to approve more taxation, probably soon. There is support among the city’s elite for a renovated or new performing arts and convention center, something that probably can’t be done without more tax revenue. Project Wichita is seen by many as an effort to persuade the region for higher taxes.

    Also: In 2014 the steering committee for the Wichita/Sedgwick County Community Investments Plan delivered a report to the Wichita City Council. This report told the council that the “cost to bring existing deficient infrastructure up to standards” is an additional $45 to $55 million per year over current levels of spending. 7

    I’m not aware of the city directing additional spending to cure this maintenance gap. As time passes, the gap becomes larger. Although: The city decided to spend an additional $10 million on street repair. But that was a one-time infusion made available when the city sold a capital asset.

    This backlog of maintenance is a manifestation of the city not being responsible with assets Wichita taxpayers paid for. And if it is true that we need to spend an additional $45 to $55 million per year, where will the city get those funds? The Eagle urges a one mill property tax increase, which it says means the “city budget would gain $3.5 million to $4 million.” To fix our maintenance backlog would require a property tax increase of over ten mills, if that is how the city decides to raise the funds.

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    Notes

    1. Wichita Eagle editorial board. Wichita, it’s time to consider a tax increase. It’s past time, actually. August 17, 2018. Available at https://www.kansas.com/opinion/editorials/article216790960.html. ↩
    2. Weeks, Bob. Wichita business property taxes still high. Available at https://wichitaliberty.org/wichita-government/wichita-business-property-taxes-still-high/. ↩
    3. Weeks, Bob. Wichita WaterWalk contract not followed, again. Available at https://wichitaliberty.org/wichita-government/wichita-waterwalk-contract-not-followed/. ↩
    4. Weeks, Bob. Wichita’s Waterwalk failure breeds skepticism. Available at https://wichitaliberty.org/wichita-government/wichitas-waterwalk-failure-breeds-skepticism/. ↩
    5. Weeks, Bob. Many Wichita developers pay for infrastructure. Available at https://wichitaliberty.org/wichita-government/many-wichita-developers-pay-for-infrastructure/. ↩
    6. Weeks, Bob. Downtown Wichita business trends. Available at https://wichitaliberty.org/wichita-government/downtown-wichita-business-trends-2016/. ↩
    7. Weeks, Bob. Wichita sales tax does little to close maintenance gap. Available at https://wichitaliberty.org/wichita-government/wichita-sales-tax-little-close-maintenance-gap/. ↩
  • Sedgwick County jobs, first quarter 2018

    Sedgwick County jobs, first quarter 2018

    For the first quarter of 2018, the number of jobs in Sedgwick County grew, but at a rate slower than the nation.

    Data released today from the Bureau of Labor Statistics, part of the United States Department of Labor shows an improving labor picture in Sedgwick County, but one growing at one-fifth the rate of the nation.

    For the first quarter of 2018 there were 12,500 establishments in Sedgwick County employing 247,800 workers. That is an increase in jobs of 0.3 percent from the same time the previous year, a rate which ranked 293 among the nation’s 350 largest counties. For the same period, the national job growth rate was 1.6 percent.

    (Ranked by labor force, Sedgwick County is the 120th largest county.)

    The average weekly wage was $967, an increase of 2.4 percent over the year, that change ranking 228 among the same 350 largest counties. The U.S. average weekly wage increased 3.7 percent over the same period.

  • Wichita Eagle argues for higher taxes

    Wichita Eagle argues for higher taxes

    The Wichita Eagle editorial board wants higher taxes. Relying on its data and arguments will lead citizens to misinformed and uninformed opinions.

    In a recent op-ed, the Wichita Eagle editorial board writes: “From the moment the budget was first proposed in July, city leaders made a point of emphasizing the city’s mill levy — the rate by which property is taxed — hasn’t been increased in 25 years. The 25-year figure wasn’t followed by exclamation points of pride or emojis of sadness. It’s just a fact: For one reason or another, the city’s mill levy hasn’t been increased.” 1

    I guess we shouldn’t be too harsh on the Eagle editorial board. They believed city leaders. And, I suppose the language is correct in one sense: “the city’s mill levy hasn’t been increased.”

    But a quick look at readily available data shows that the City of Wichita mill levy has increased, and by quite a bit.

    I don’t have data going back 25 years, but I have gathered and prepared data from 1993 to 2017. And during that time, the City of Wichita mill levy rose from 31.290 to 32.667. That is an increase of 4.40 percent.

    It is true that the Wichita City Council did not pass an ordinance to cause this mill levy rate to rise. This is where “hasn’t been increased” holds a grain of truth.

    Instead, the mill levy rate is set by the county based on the city’s budgeted spending and the assessed value of taxable property subject to City of Wichita taxation. Someone estimates the assessed value of property the city can tax, and that is subject to error.

    The city acknowledges this when pressed. It’s on video. 2

    But city leaders and elected officials act as though the mill levy is subject to the whims of forces beyond their control.

    While the city doesn’t have control over the assessed value of property, it does have control over the amount it decides to spend. As can be seen in the chart of changes in the mill levy, the council’s decisions result in a generally rising mill levy. From 1993 to 2017, there were seventeen years in which the mill levy rose from the previous year, and six years in which it declined.

    We have an estimating process that ought to be random — too high in half the years, too low in the other half — overwhelmingly producing higher tax rates. This nearly three-to-one ratio is beyond mere chance or coincidence.

    Also, while some may argue that an increase of 4.40 percent over two decades is not very much, this is an increase in a rate of taxation, not tax revenue collected. As property values rise, and as the mill levy rises, property tax bills can rise rapidly.

    But it doesn’t seem that the Eagle editorial board understands this, as it wrote: “A 2019 budget can’t be expected to function properly under 1994 tax rates. Nearly everything a city does costs more a quarter-century later.”

    True, I suppose. But the data tells us that property tax revenue rises, and rises faster than the rate of inflation, if inflation is what the editorial board means when it writes that things cost more.

    In the nearby table, I use a hypothetical $100,000 home and track the taxes paid to the City of Wichita. I use a home price index to track increases in residential home values. I use the Consumer Price Index to adjust dollars for inflation.

    In the table, a $100,000 house paid $360 in taxes to the City of Wichita in 1994. In 2017, the same house paid $665. The increase is due to rising property values and the rising mill levy.

    Adjusting for inflation to 2017 dollars, the tax paid in 1994 was worth $595. In 2017, the tax was $665, in 2017 dollars, of course.

    So from 1994 to 2017, the property tax paid to the City of Wichita by this hypothetical house rose by 11.7 percent, in inflation-adjusted dollars.

    When the Eagle editorial board writes “Nearly everything a city does costs more a quarter-century later,” the response ought to be “Yes, but property taxes paid by citizens on their homes are rising faster than inflation.”

    This needs to be considered in the light of cuts the city has made and threatens in the future.

    Click for larger.

    —
    Notes

    1. Wichita Eagle editorial board. Wichita, it’s time to consider a tax increase. It’s past time, actually. August 17, 2018. Available at https://www.kansas.com/opinion/editorials/article216790960.html. ↩
    2. Weeks, Bob. Wichita property taxes rise again. Available at https://wichitaliberty.org/wichita-government/wichita-property-taxes-rise/. ↩
  • Kansas and Wichita jobs, July 2018

    Kansas and Wichita jobs, July 2018

    For July 2018, more jobs in Kansas, and a nearly unchanged labor force. Wichita jobs also rose.

    Data released today from the Bureau of Labor Statistics, part of the United States Department of Labor, shows an improving jobs picture for Kansas in July 2018.

    Over the year (July 2017 to July 2018), the Kansas labor force is down slightly, while up slightly over the past three months. These changes are small, all being in the range of 0.1 percent.

    The number of unemployed persons continues to fall. The unemployment rate remains at 3.4 percent, down from 3.6 percent from one year ago.

    Click for larger.

    The number of Kansas nonfarm jobs for July 2018 rose by 1.7 percent over last July, adding 23,400 jobs. This is using seasonally adjusted data, and the non-adjusted figure is larger at 24,900.

    Click for larger.

    This release also provided some data for metropolitan areas. For the Wichita MSA, here are employees on nonfarm payrolls, not seasonally adjusted:

    July 2017: 290,600
    June 2018: 297,700
    July 2018: 295,200 (up 4,500 jobs, or 1.6 percent over the year)

    Comparing June 2018 to July 2018 isn’t meaningful using this data, as it is not adjusted for seasonality.

    Of note, the same data series for the nation rose from 146,486,000 to 148,901,000 over the year, an increase of 1.6 percent.

  • Wichita employment, June 2018

    Wichita employment, June 2018

    For the Wichita metropolitan area in June 2018, jobs are up, the unemployment rate is down, and the labor force is smaller, compared to the same month one year ago.

    Data released this week by the Bureau of Labor Statistics, part of the United States Department of Labor, shows an improving employment situation for the Wichita Metropolitan Statistical Area.

    Click for larger.

    The best numbers for Wichita are the total nonfarm employment series, which rose from 294,900 last June to 297,900 this June. That’s an increase of 3,000 jobs, or 1.0 percent. (This data is not seasonally adjusted, so month-to-month comparisons are not valid.)

    Of note, the same series of data for the nation rose from 147,578,000 to 150,057,000 over the same time, an increase of 1.7 percent.

    The unemployment rate fell to 4.0 percent from a year ago. Part of the improvement in the unemployment rate is due to a slightly smaller labor force.

    Considering seasonally adjusted data from the household survey, the labor force rose slightly from May 2018, and employment was unchanged. This is a slowdown of a positive trend in the previous three months.

    Click charts for larger versions.

  • The Wichita Mayor on employment

    The Wichita Mayor on employment

    On a televised call-in show, Wichita Mayor Jeff Longwell is proud of the performance of the city in growing jobs.

    On the inaugural episode of Call the Mayor on KPTS, Wichita’s public television station, Wichita Mayor Jeff Longwell said this:

    Three years ago the biggest concern in this community is we need jobs. Jobs, jobs, jobs. And today, we need people. And so keeping Cargill in Wichita and seeing Spirit grow and seeing companies invest is far different than what we had just three years ago when people were so concerned about the opportunity to find meaningful employment in our city.

    What the mayor said sounds good. Now. here are statistics from Bureau of Labor Statistics, civilian labor force and nonfarm employment by metropolitan area, seasonally adjusted, for the Wichita Metropolitan Statistical Area:

    May 2015
    Civilian labor force: 311,294
    Employment: 296,249
    Unemployment rate: 4.8 percent

    May 2018
    Civilian labor force: 306,574 (down by 1.5 percent)
    Employment: 295,012 (down by 0.42 percent)
    Unemployment rate: 3.8 percent (down by 1.0 percentage point, or 20.8 percent)

    These are statistics from the Local Area Unemployment Statistics (LAUS) data set, also known as the household survey.

    Here are some other statistics, again from Bureau of Labor Statistics, state and area employment, seasonally adjusted, for the Wichita Metropolitan Statistical Area:

    May 2015
    Employment: 295,500

    May 2018
    Employment: 298,600 (up by 1.0 percent)

    These are statistics from the Current Employment Statistics (CES) data set, sometimes called payroll data.

    These are two different sets of data. One shows employment rising, and one shows it declining. The difference comes from the fact that one set of data comes from households, and the other from employers. For a full explanation of the data and how there can be these differences, see Visualization: Metro area employment and unemployment.

    The important thing is that Mayor Longwell said, in a roundabout way, that there are plenty of jobs in Wichita, and there are not enough workers to fill them.

    If there are not enough workers in Wichita, it’s because the labor force (the number of people working plus those looking for work) shrank over the time period the mayor mentioned. That’s why there are not enough people to meet Wichita’s job growth (such as it is).

    And while the number of jobs in Wichita rose in the employer survey, it rose by 1.0 percent over three years. The same statistic for the entire United States rose by 5.1 percent over the same period. This doesn’t seem like much of an accomplishment, Wichita growing jobs at a rate one-fifth of the nation.

    But Mayor Longwell is proud. Good for him.

  • An endorsement from the Wichita Chamber of Commerce

    An endorsement from the Wichita Chamber of Commerce

    When the Wichita Regional Chamber of Commerce Political Action Committee endorses a candidate, consider what that means.

    If you’ve been following analyst James Chung — and it seems like everyone has — he’s delivered a sobering message: The Wichita economy has not been growing. “[Wichita has been] stuck in neutral for about three decades, with basically no growth, amidst the landscape of a growing U.S. economy,” he said. (In fact, in 2016 the Wichita economy shrank from the previous year, and numbers for 2017 don’t look much better.)

    Chung says we need to change our ways. In his June visit he said, and the Chung Report wrote, “Every market signal points to the same conclusion: The manner in which Wichita is operating during this critical point in our history is just not working.”

    So what needs to change? Chung won’t say, but here are two things:

    First, there are some elected officials and bureaucrats who have presided over the stagnation of Wichita. These people need to go.

    Second, there are also institutions that are problems, with one glaring example. In one way or another, the Wichita Regional Chamber of Commerce has taken the lead in economic development for many years. In recent years the Chamber ran Greater Wichita Economic Development Coalition. Now the effort has been split off to a non-profit corporation, the Greater Wichita Partnership.

    That sounds good, but under the hood it’s the same leadership and the same methods, although with a few new hired hands.

    So when James Chung (and others) says our manner of operation is not working, it’s the Wichita Chamber of Commerce and its ecosystem that must assume a large portion of blame.

    Not only has the Wichita Chamber manner of operation not been working, its leadership hasn’t been working, either. In 2014 the Chamber showed charts of Wichita job growth as compared to the nation and other cities, and Wichita was near the bottom. The Chamber’s response was to advocate for a Wichita city sales tax, some to be used for economic development, but also for water supply enhancement, street repair, and bus transit improvement.

    The Chamber managed the political campaign for the sales tax, and in November 2014, 62 percent of Wichita voters said no.

    After this, what did the Chamber do? It had told Wichitans that an economic development fund fed by sales tax revenue was essential. Then, the sales tax vote failed. But that isn’t the only way to fund what the Chamber said we needed. The Chamber could have asked the Wichita city council to raise property taxes, and the council could have done that with a simple majority vote of its members. (Since then it has become more difficult, but still possible, to raise local property taxes.)

    Or, the city could have raised franchise fees. These are like a sales tax added to utility bills. This could also have been accomplished with a simple majority vote of the council. The council could do it today, if its members wanted to.

    None of these possibilities were pursued, at least to my knowledge. The Wichita Chamber of Commerce, after advocating for a sales tax it said was essential, gave up after defeat. It recommended that Wichitans vote to impose a sales tax themselves, but when it came to something it could have accomplished — new taxes through city council votes — the Chamber backed away.

    The Chamber then formed the Greater Wichita Partnership. But many of the people who supported the Chamber’s sales tax are directing the operations of GWP, serving its strategic advisory team and the more-exclusive executive board.

    This includes the president and CEO of the Wichita Chamber, who was also president during the sales tax campaign.

    The Chamber endorsements

    So when the Wichita Regional Chamber of Commerce PAC supports candidates, spends money on their behalf, and issues endorsements, what should voters think?

    Voters should remember that the Wichita Chamber has presided over the wreckage of the Wichita economy, its leaders still call the shots, and still wants to raise taxes, I believe.

    Plus, these people will not accept responsibility for the harm they have caused.

    This is a shame, because we want to be proud of our civic leadership. We want to have faith in our elected officials and bureaucrats.

    But that isn’t the case in Wichita. Keep this in mind when considering candidates endorsed by the Wichita Regional Chamber of Commerce PAC.

  • Kansas and Wichita jobs, June 2018

    Kansas and Wichita jobs, June 2018

    For June 2018, more jobs in Kansas, and a nearly unchanged labor force. Wichita jobs also rose.

    Data released this week from the Bureau of Labor Statistics, part of the United States Department of Labor, shows an improving jobs picture for Kansas in June 2018.

    Over the year (June 2017 to June 2018), the Kansas labor force is down slightly, while up slightly over the past three months. These changes are small, all being in the range of 0.1 percent.

    The number of unemployed persons continues to fall. The unemployment rate remains at 3.4 percent.

    Click for larger.

    The number of Kansas nonfarm jobs for June 2018 rose by 1.8 percent over last June, adding 24,800 jobs. This is using seasonally adjusted data, and the non-adjusted figure is larger at 30,900.

    Click for larger.

    This release also provided some data for metropolitan areas. For Wichita, here are employees on nonfarm payrolls, not seasonally adjusted

    June 2017: 294,900
    May 2018: 300,600
    June 2018: 297,900 (up 3,000 jobs, or 1.0 percent over the year)

    Comparing May 2018 to June 2018 isn’t meaningful using this data, as it is not adjusted for seasonality.

  • Wichita business press needs to step up

    Wichita business press needs to step up

    If a newspaper is going to write a news story, it might as well take a moment to copy and paste information from a city council agenda packet. Especially when what is missing from the story is perhaps the most important information.

    When the Wichita City Council approved an Industrial Revenue Bond issue at its July 10, 2018 meeting, the city’s business press covered the matter. In the Wichita Eagle, the story fails to mention the motivation for the item. 1

    The meeting agenda packet for this item, very near its start, states plainly the benefits of the IRBs: “Cargill Incorporated (Cargill) is requesting a Letter of Intent (LOI) for the issuance of Industrial Revenue Bonds (IRBs) in an amount not to exceed $38,000,000 and an 81.5% five-plus-five-year tax abatement and a sales tax exemption for the construction of a new biodiesel facility in north Wichita.” 2

    There it is, in plain sight and language: Cargill will save a lot of money in taxes by using these bonds. How much? The same city document details some of the savings:

    Based on the current mill levy, the estimated tax value of exempted property for the first full year is $337,904. The value of an 81.5% real property tax exemption (assuming the property is appraised at 80% of the capital investment) as applicable to taxing jurisdictions is:

    City $94,109
    County $84,677
    State $4,321
    USD 259 $154,797

    The agenda packet doesn’t give an amount for the value of the sales tax exemption, but if all $38,000,000 in bond proceeds was spent on taxable items, sales tax would be $2,850,000. The actual sales tax savings will likely be less than that, but still a lot. (We’ll likely never know, as the Kansas Department of Revenue won’t release the value of sales tax exemptions associated with bond issues.)

    Why didn’t the Eagle report this? I don’t know. But the property and sales tax exemptions are the driving motivation behind almost all requests for IRBs. 3

    It’s not the case that the company can’t obtain financing on the market. Many IRBs are purchased by the requesting company, as is the case with these bonds, according to the agenda packet: “The bonds will be privately placed with Cargill.”

    Instead, Kansas law requires, in most cases, that to issue property and sales tax abatements, IRBs must be used. Again, from the agenda packet: “To insure that all of the real property improvements are receiving the tax abatement, the improvements must be bond financed.” 4

    Why can’t the city council simply wave a magic wand and absolve Cargill of paying millions of dollars in property and sales taxes? This is what the city council did, but in a roundabout way.

    But because the tax giveaway is mixed with confusing details of bonds, many citizens don’t notice the giveaway. Especially when our city’s leading newspaper does not report this.

    Wichita Business Journal reporting was a little better, mentioning the property and sales tax exemptions, but not their monetary value. 5

    This article also contains this: “With IRBs, the city serves as a pass-through entity for developers to obtain a lower interest rate on projects. IRBs require no taxpayer commitment.” This is language the newspaper often includes when reporting on IRB issues, and it is simply not true. In this case, a portion of this project qualifies for tax-exempt financing, as it is a solid waste processing facility. 6

    But for the remainder of the project, as is the case for most IRB-funded projects, it is not likely the facility will save on interest costs with IRBs. The article is correct in that IRBs require no taxpayer commitment. The city makes no guarantee as to the bond repayment. If the city did guarantee repayment, that would help the borrower obtain a lower interest rate. But there is no guarantee.

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    Notes

    1. Finger, Stan. Wichita City Council approves bonds for Cargill expansion. Available at https://www.kansas.com/news/business/article214622565.html. ↩
    2. Wichita City Council Agenda packet for July, 10, 2017. Item IV-1. ↩
    3. Weeks, Bob. Industrial revenue bonds in Kansas. Available at https://wichitaliberty.org/kansas-government/industrial-revenue-bonds-kansas/. ↩
    4. As noted below, there is a slight wrinkle in this IRB issue, as some of the financed property is exempt from federal income taxes on interest payments and requires IRBs for that particular property. This is an unusual factor, and does not require that all the plant be financed with IRBs. ↩
    5. Daniel McCoy and Bryan Horwath. City Council approves IRBs for Cargill biodiesel plant. Available at https://www.bizjournals.com/wichita/news/2018/07/10/city-council-approves-irbs-for-cargill-biodiesel.html. ↩
    6. “The solid waste processing component qualifies under Internal Revenue Service (IRS) regulations for tax exempt financing, which can save the company interest expense. Of the total project, approximately $30,000,000 would qualify as a Solid Waste Processing Facility, and therefore, eligible for tax-exempt financing.” Agenda Packet for July 10, 2018. ↩