Wyandotte County has had neither a movie theatre nor a Downtown hotel for years. The arguments are coming on the heels of an upcoming mayoral election.
Officials with the Unified Government say the deal with Warren Theatres call for the Wichita-based movie theatre company to pay $1 million toward the $21-million development and construction cost. The government would finance $20 million through STAR bonds, which are backed by sales tax revenue.
Warren Theatres would operate the theatre, pay full property taxes and purchase it at fair market value after the bonds were retired. The theatre is a part of a $236-million development project next to the Kansas Speedway. As for the hotel, Unified Government officials have announced that the city would also be part owner in that $17-million project.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
