Industrial Revenue Bonds are utilized to finance the construction or purchase of a facility and/or equipment. IRBs are issued by the City and purchased by investors (e.g. banks, private investors or the company). IRBs may provide lower interest rate financing and the possibility of a tax abatement for eligible companies.
The percentage of taxes abated is based on capital investment and job creation. Majority of goods or services sold must be destined for customers outside of the Wichita Metropolitan Statistical Area (MSA). Company must pay average wages equal to or greater than the industry or Wichita MSA wage rate. City benefit/cost ration must be at least 1.3 to 1.
Speculative Industrial Buildings
In 2017, the City of Wichita adopted a Speculative Industrial Building Program. The Spec Industrial Program provides an incentive to provide large industrial/warehouse space needed in Wichita for Economic Development recruitment. The program specifics are provided in the program summary and an application is provided below.
Sedgwick County/City of Wichita Economic Development Policy Economic Development Company Information Sheet CEDBR-Fiscal Impact Model Spec IRB Program Exemption Application