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Resolution Considering the Establishment of the K-96 Greenwich STAR Bond District

Resolution Considering the Establishment of the K-96 Greenwich STAR Bond District

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Published by Bob Weeks

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Published by: Bob Weeks on Apr 30, 2012
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04/30/2012

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Agenda Item No. IV-1City of WichitaCity Council MeetingJanuary 10, 2012TO:
Mayor and CityCouncil
SUBJECT:
ResolutionConsideringtheEstablishment oftheK-96GreenwichSTARBondDistrict(DistrictII)
INITIATED BY:
UrbanDevelopmentOffice
AGENDA:
 NewBusiness
Recommendation
:Adopttheresolutionsetting a public hearingforconsideration oftheestablishmentoftheK-96GreenwichSTARBondDistrict.
Background:
StartingwiththeKansas Speedway projectin WyandotteCounty,the StateofKansashasapprovedseveral“SalesTax and Revenue(STAR)bondsforspecialeconomic development projectslocatedthroughoutthestate.In 2007, STAR bondswere approvedfortheRiverDistrictProjectindowntownWichitaintheamount of $13,000,000tofinancetheKeeperofthe PlainsPlaza andbridges,riverbankimprovements ontheeast bank oftheArkansasRiverbetweenDouglas and FirstStreet, andtheWaltzing WatersfountainintheWaterWalk project.STAR bondfinancing allowstheKansasDepartmentofRevenuetomeasure andcapturetheincrementalincreaseinstate andlocalsalestaxrevenue collectedwithin anapproved STARbond districtandremit a portionofsaidrevenuetothe city or countyinwhichtheSTAR bond districtislocated,to pay certaineligiblecostsassociatedwith an approvedSTAR bondproject,includingthe principalandinterest onSTAR bonds.A developmentgroup,GoodSportsEnterprises,LLC,is planning a majormulti-sportathletic complexandretaildevelopmentforthe area northeastandsouthofK-96, alongGreenwichRoad and hasrequestedtheuseofSTAR bondstofinanceeligible costs associatedwiththe project.Thefirststepinthelegal processforauthorizing STAR bond financingisthe adoptionof aresolutionsetting a public hearingtoconsiderthe establishmentof a STAR bond district.
Analysis:
TheSTAR bond authorization processis dividedintotwomajor components:thefirstistheestablishmentoftheSTARbond district;thesecondistheapprovaloftheSTARbond projectplan.ToestablishaSTAR bond district,theCityCouncilmustfirstadopt aresolutionwhichsetsa publichearingonthematter, notlessthan30 days ormorethan 70 daysfollowingtheadoptionoftheresolution.Theresolutionisthenmailedtoallowners andoccupantsof propertylocatedwithinthe proposedSTAR bonddistrict, andtotheBoardofCountyCommissioners(BOCC) and theBoard(s)ofEducation(BOE).Theresolutionisalso publishedintheWichitaEagle.Priortothepublichearing,theresolution andsupportinginformationisforwardedtotheKansas Secretary ofCommercefortheissuance ofa“determinationletter”whichstatesthattheareais qualifiedforSTAR bondfinancing. Followingthe public hearing and receiptofthe determinationletter,theCityCouncilmay adopt an ordinanceestablishingtheSTAR bond district.If establishmentoftheSTAR bond districthas an adverseimpact on propertytaxes,it canbevetoed bytheBOCC ortheBOE.
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K-96GreenwichSTARBondDistrictResolutionJanuary 10, 2012Page 2Thesecondstepintheoverallprocessisthe adoptionof a detailedSTAR bondproject plan andfeasibilitystudy,whichispreparedinconcertwiththeDeveloperandsubmittedtotheMAPCforafindingthatthe planisconsistentwiththeregionalComprehensivePlan.AfterMAPC approval,theCityCouncilmayseta public hearing and adopttheSTAR bond projectplan by ordinance,followingthesame processusedto establishtheSTAR bond district.TheSTAR bondplanand ordinanceisthensubmittedtotheSecretary ofCommerceforfinalapprovaloftheSTAR bond project.AftertheSecretary’sapprovalisreceived,the projectmay commence and STARbondsmay be issued uptothe amountspecified bytheSecretary ofCommerce.The attachedresolutionsets February 14, 2012asthedateforthe publichearingon establishingtheSTAR bonddistrict.Theresolutionincludes asexhibits a mapshowingtheproposed boundaries oftheSTAR bondarea and a “districtplan”thatlegally describesthearea,identifies potentialSTARbond project areasandprovides ageneraldescriptionoftheproposed development projectsinthedistrict.The proposedK-96GreenwichSTARBondDistrictincludesapproximately 370acres of propertynortheastofGreenwichRoad atK-97 and southofK-96 along bothsides ofGreenwich,to 21
st
Street North;thedistrictalsoincludesapproximately 60 acres ofproperty atthesoutheast cornerof 21
st
Street NorthandGreenwichRoad.Tobe determinedtobe an eligibleareaforSTAR bondfinancing, understatelaw,theareamust either containanhistorictheater,an autoracetrackfacility,amajormotorsportscomplex, a riverwalk canalfacility, a majormulti-sport athleticcomplex or be a major commercial entertainmentandtourism area.TheK-96GreenwichSTARBondDistrictisproposedto be establishedas a majormulti-sportathleticcomplex.GuidancefromtheKansasDepartmentofCommercestatesthat a STAR bond projectmust becapableof being characterized as a statewide andregionalattraction,containing uniquefeatureswhichwillincreasetourism,generatesignificantpositive anddiverseeconomicandfiscalimpacts and becapableofsustainable development overtime.Theguidelinescallfor20%ofvisitorsfrom out ofstateand 30%from a distancegreaterthan100miles.Apreliminaryfeasibilitystudyindicatesthatthe proposedSTAR bondprojectwillsatisfytheserequirements.GoodSportsEnterprises,LLC hasidentifiedthe project asamixed uselifestylecenterincluding a multi-sportathleticcomplex, destinationhotels anda destinationretail centerthatwill be uniquetotheWichitamarket.Thedevelopmentwilloffernumerousindoorsport courts, aswell as outdoorathleticopportunities,andfacilitiesforwrestling, archery andfencing,alldesignedtoattract nationalyouthcompetitions.Additionaldevelopmentwillprovidecomplementary usesincluding hotels and destinationretail.STAR bondfinancingwillbe usedtopayfortheconstructionofthemulti-sportathleticcomplex,landacquisition,site preparation, utilitiesextensions,streetconstruction, parkingfacilities,lighting andlandscaping.In addition,STAR bondfinancingwillpayfor a portionofthecostofreconstructingthefreewayinterchange atK-96 and GreenwichRoadtoprovideaccessin alldirections.Theexistinginterchange providesaccesstoGreenwichRoadonlyfrom eastboundK-96trafficand accesstoK-96onlyforwestboundtraffic.Conceptually,theproposed STARBondProjectwillbe developedinmultiple phases.Ascurrentlyconceived,thefirst phaseincludesthemulti-sportathletic complexand a 115-roomluxury hotel,nationalretailstores and padsites,aswell asthereconstructionoftheK-96interchange.Thesecond phaseis plannedtoinclude a hotelwithanindoorwater park, plusbig box retail andadditionalpadsites.Thefinal phaseisdesignedformedicalofficespace,twosuperregionalretailers andotherattractions.
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K-96GreenwichSTARBondDistrictResolutionJanuary 10, 2012Page 3
Financial Considerations:
The publicationandmailing costsassociatedwith establishingtheSTA bond districtwill be paidfromtheEconomicDevelopment Fund andlaterwill betransferredtotheSTAR  bond projectaccountiftheSTAR bondprojectis approved.Any STAR bondsissuedforthis projectwill bespecial obligationbondsoftheCity, payablesolelyfromtheincrementalsalestaxrevenueremitted bytheKansasDepartment ofRevenuefor payment ofthe bonds.AlleligiblecostsoftheCityrelatingtothe projectwillbereimbursedwithSTAR bond proceeds.
Goal Impact:
TheCityCouncil’sgoalsforEconomicVitality and AffordableLiving and Quality ofLifeareadvancedthroughtheuse ofSTARbondsto partnerwith developerstocreateamajor commercial,entertainmentandtourismsitethatwill bringsignificant economicvaluetotheCity, enhancethesatisfaction ofresidents andimprove Wichita’scompetitive position as a desirableplacetolive and work.Thegoal ofEfficientInfrastructureisserved bythecompletionoftheK-96 and GreenwichRoadfreewayinterchange.
Legal Considerations:
The attachedresolutionsetting a public hearing on February 14, 2012for considerationoftheestablishment oftheproposedSTARBond ProjectDistricthas been approved astoform bytheLawDepartment.
Recommendations/Actions:
ItisrecommendedthattheCityCouncil adopttheresolutionwhich providesnoticeofconsiderationfortheestablishmentoftheK-96GreenwichSTAR bond district andsetsa publichearingfor February 14, 2012.
Attachments:
ResolutionwithExhibits
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