As part of a planned real estate development, taxpayers may be asked to pay property owners much more than the appraised values for the parcels.
According to documents obtained from the Wichita city manager’s office, developers of Bowllagio have budgeted to pay a collective $1,110,300 over the property’s appraised values. This is 63 percent over the appraised values for the 14 parcels.
The source of funds for these purchases is a proposed tax increment financing (TIF) district created for the benefit of Maize 54, LLC, the developer of Bowllagio. The Wichita City Council approved the formation of the district on November 20. Now the Goddard School District and Sedgwick County Commission may veto the formation of the district. The approval of these two bodies is not required; but they have the right to cancel the formation of the district.
A meeting last week with Goddard school officials resulted in learning that it seems unlikely that the school district will take up the matter. The item is on the agenda of the county commission’s Wednesday meeting.
The Sedgwick County Appraiser’s Office explains appraised values: “The value of property is determined by market transactions. The Appraiser’s office has the responsibility to study those transactions and appraise property accordingly. The Appraiser’s office determines market value through the use of generally accepted appraisal methods.”
If the appraiser’s valuations are close to the market value of the properties — and we have reason to believe they are — we have to ask why did the Wichita city council approve spending so much taxpayer money on these properties?
And, will the Sedgwick County Commission give its approval to this waste of taxpayer money?
Proposed home purchases for Maize 54 / Bowllagio development
I owned one of those duplexes. There’s no way they are worth anywhere near that on the open market. The 706 property last sold for $25k less than what is shown as the appraised value. That’s a $75k profit over 4 years.