Wichita City Council approves IRBs for Bombardier, Cessna

Source The Wichita Eagle, Kan.

Dec. 7, 2011

Dec. 07--The Wichita City Council unanimously approved without discussion on Tuesday two industrial revenue bond issues for Cessna and Bombardier Learjet.

The city approved $17?million in IRBs for Cessna, which will be used to finance capital investment in Cessna's Wichita campus. Planned improvements include technology, manufacturing equipment and production space to accommodate product and aircraft development in Wichita.

Included is a 100 percent property tax abatement for five years, with a second five-year term subject to council approval. That exemption will cost the city $137,156 in tax revenue, according to city documents.

The city also approved a little more than $4.9?million in IRBs for Bombardier Learjet, which made several capital improvements in the second half of this year to expand and equip manufacturing and flight testing facilities. The company has completed building improvements and additions to existing aviation manufacturing and flight testing facilities, as well as the acquisition of machinery and equipment.

Bombardier Learjet also is receiving a 100 percent abatement of property taxes on the expansion project, with an estimated tax value of $148,382.

Reach Bill Wilson at 316-268-6290 or [email protected].