The Spec Building Program provides a tax abatement to developers who are willing to construct facilities on a speculative basis, without leases in place. The program provides an incentive to provide large industrial/warehouse, flex and office space needed in Wichita for economic development recruitment.
All Projects must:
- Use the IRB program to secure the property tax abatement as well as the sales-tax-exemption on materials.
- Begin construction within 120 days of Council approval and complete construction within 15 months of Council approval.
Property tax abatement is 95% for 1st five years and 50% for 2nd five years if 50%, or more, is leased at five-year mark.
WAM Investments
Speculative Building
A building developed and constructed without any preleasing in place. The spec building program is designed to encourage developers who have been considering constructing a large facility but need the incentive to make the final determination to move forward.
Industrial Building
A structure used primarily for manufacturing, research and development, production, maintenance, and storage or distribution of goods. It can include some office space. Industrial buildings are divided into three primary classifications: manufacturing, warehouse or distribution, and flex. (The typical characteristics of the most common types of industrial buildings are shown in the Industrial Building Types Matrix. below).
- Minimum 100,000 square foot building
- Minimum clear height of 28’
- Concrete tilt up preferred
- Must have architectural façade on public street facing sides
- Minimum lease must be for 25,000 square feet, or more
Flex Facility
As its name suggests, an industrial building designed to be used in a variety of ways. It is usually located in an industrial park setting. Specialized flex buildings can include service centers, showrooms, offices, warehouses and more. (Typical characteristics are shown in the Industrial Building Types Matrix below)
- Minimum 75,000 square foot building
- Minimum of 30% of the space is office
- Must have architectural façade on public street facing sides
- Minimum lease must be for 10,000 square feet, or more
Office Building
A Class A building structure providing environments that are conducive to the performance of management and administrative activities, accounting, marketing, information processing, consulting, human resources management, financial and insurance services, educational and medical services, and other professional services.
- Minimum 60,000 square foot building (office space). Building may be mixed use but minimum square footage applies only to office space.
- Must have architectural façade on public street facing sides
- Minimum lease must be for 7,500 square feet, or more (once the facility is 50% leased, the minimum shall be 3,000 square feet)
Documents
Spec IRB Program Exemption Application Spec Industrial IRB Application/Request for Letter of Intent
