Today was a rough day for the serial critics of the downtown arena and its redevelopment.
The Wichita City Council’s decision to approve tax increment financing for the arena neighborhood’s redevelopment was a welcome vote of confidence in the neighborhood’s future – especially as potential commercial investors sit on the sidelines, fretting about the nation’s economic ills.
The infrastructure the TIF money will finance should serve as a figurative reminder to those investors of Wichita’s commitment to making the arena neighborhood work, a type of seed money to encourage private commercial investment.
But there was a little nugget in there for you Wichitans who loathe walking: $10 million for a parking garage near the arena. The long, silly regional nightmare that has been the arena parking debate may be nearing its end – if the county and USD 259 sign off on the TIF proposal in the next 30 days.
The stakes surrounding the county and school district’s decision are great: In a tight credit climate forcing many commercial investors to the sidelines, the TIF money is an incentive to retailers and club owners to invest themselves in the neighborhood.
Without it, the smartest investment move might be to wait for the economy to moderate – which may well not coincide with the arena’s opening in about 13 months.
6 Comments
I definitely hope this thing works. Hopefully they will come up with a great attraction for the Arena’s opening – we shall see. Meanwhile I would STRONGLY recommend an open house when it is complete so the owners of the facility have a chance to see what we have paid for.
As for the ‘nugget’ $10 million for parking. That was supposed to be included in the $184.5 million sales tax. I have that promise in writing (actually a pdf file)
Quite correct, bth.
I believe the TIFF funding for parking in the area is in addition to whatever the county believes in necessary for adequate parking for the downtown arena.
The arena area district is suppose to be, as the Mayor stated, a downtown development phase to connect Old Town, the DT arena to the Riverfront as a seamless community.
Parking for the arena is one thing. This TIFF parking is in addition to that. To provide a level of parking to support an up-and-coming downtown urban village for the future of the area. The $10 million isn’t solely for the DT arena. It is for the entire area around the arena. The parking for just the arena is on the county’s arena budget. That is separate.
Actually, as our city reporter indicates, the $10 million is for arena parking, in partnership with the county. Now, obviously, any parking in that area has daytime application to any development around the arena.
Thank you for correcting that Bill. I get frustrated with the dishonesty of the pollyanna boosters “The parking for just the arena is on the county’s arena budget.” I think Brewer is also making a mistake labeling people “naysayers” and “CAVE people”. I did not support Peterjohn but understand why he won. Both he and Brewer represent the polarization that is developing in the community and it is not a good thing. Brewer should not be feeding that polarization.
I suspect City Council elections will be VERY interesting. Look for at least one “Peterjohn” to get elected to the Council.
Just wanted to correct myself. TIF instead of TIFF. I was working on TIFF files just before I posted.