$9.5-million Orpheum upgrade gets financial incentive package approval
Closing for a year once the process begins sucks, but should be well worth it once completed.
The Orpheum Theatre's plans for a full-scale renovation are getting a multi-pronged financial hand from the city of Wichita.
On Tuesday, the City Council backed an incentive package that included final approval on a new community improvement district, as well as a letter of intent for the city to issue up to $9.5 million in industrial revenue bonds that bring with them a sales tax exemption on items purchased for the project.
The unanimous vote comes after the Council in early March set a public hearing for Tuesday to consider the creation of the new CID, which will allow for an additional 2% sales tax on purchases within the theater — including ticket sales and concessions — to go toward the costs of interior rehabilitation, lighting system and audio upgrades, new seating and other improvements.
"I really want to applaud the Orpheum for being creative and thinking of a way to get to 'yes,' so that you can have the renovations that the building has so desperately needed," Council member Becky Tuttle said.
The Council's approvals on Tuesday also included backing a development agreement between the city and the Orpheum related to the project. The agreement notes the CID sales tax is authorized for a 22-year period.
On Tuesday, the City Council backed an incentive package that included final approval on a new community improvement district, as well as a letter of intent for the city to issue up to $9.5 million in industrial revenue bonds that bring with them a sales tax exemption on items purchased for the project.
The unanimous vote comes after the Council in early March set a public hearing for Tuesday to consider the creation of the new CID, which will allow for an additional 2% sales tax on purchases within the theater — including ticket sales and concessions — to go toward the costs of interior rehabilitation, lighting system and audio upgrades, new seating and other improvements.
"I really want to applaud the Orpheum for being creative and thinking of a way to get to 'yes,' so that you can have the renovations that the building has so desperately needed," Council member Becky Tuttle said.
The Council's approvals on Tuesday also included backing a development agreement between the city and the Orpheum related to the project. The agreement notes the CID sales tax is authorized for a 22-year period.
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