The Neighborhood Revitalization Program is a tax rebate program that is designed to return 95% of property taxes paid for a term of five (5) years. The program applies to qualifying new residential, commercial, and industrial developments and existing residential, commercial, and industrial developments with improvements of $5,000 or greater. For more information click here.
In accordance with Section 13 of Article 11 of the Kansas Constitution, the City of Wellington may consider property tax abatement to qualified projects. The following criteria must be met in order to qualify for abatement:
The maximum term for a property tax abatement shall not exceed 10 years.
The Community Improvement District (CID) is an economic development tool to help fund qualifying improvements, which may include: buildings and structures, transportation improvements, infrastructure, parks, parking lots, parking garages, transient facilities, lakes and dams, as well as various service functions such as security, maintenance, advertising, marketing, and training.
The Transportation Development District (TDD) is an economic development tool to help fund qualifying improvements, which may include: roads, traffic signals, parking lots, sidewalks, utilities within or without the public right-of-way, and the building facade of existing buildings.
The Tax Increment Financing District (TIF) is an economic development tool to help fund qualifying improvements in eligible areas. Eligible areas include blighted areas, conservation areas (older, but not yet blighted), Enterprise Zones designated prior to 1992, major commercial entertaining and tourism areas. A TIF can only finance the cost necessary to implement the project plan or redevelopment plan, including land acquisition, site preparation, landscaping, parking, and public infrastructure. Acquisition of private buildings may not be financed.
Industrial Revenue Bonds (IRBs) are a popular method of financing up to 100% of a growing business' land, building and equipment. IRBs are securities issued by cities and counties to provide funds for creditworthy companies to acquire land, construct and equip new facilities or remodel and expand existing facilities. IRBs allow fixed-rate financing for the life of the bond for the project. Under no circumstances will the city assume financial responsibility for the debt incurred with IRB financing. All debt obligations rest with the business owner/developer.
PLEASE NOTE: ALL ECONOMIC DEVELOPMENT FINANCING TOOLS DESCRIBED ABOVE ARE SUBJECT TO FINAL APPROVAL BY THE WELLINGTON CITY COUNCIL.
FOR MORE INFORMATION ON ANY OF THE INCENTIVES, PLEASE CONTACT CITY OF WELLINGTON ECONOMIC DEVELOPMENT DIRECTOR CODY SIMS AT (620) 326-3631.