A truthful accounting of the finances of Intrust Bank Arena in downtown Wichita shows a large loss. Despite hosting the NCAA basketball tournament, the arena's "net income" fell.
Posts tagged as “Downtown Wichita arena”
The City of Wichita plans subsidized development of a sports facility as an economic driver. Originally published in July 2017.
As in years past, a truthful accounting of the finances of Intrust Bank Arena in downtown Wichita shows a large loss.
The City of Wichita says it retains final approval on the redesign of Naftzger Park, but a contract says otherwise.
Wichita doesn't need to ruin a park for economic development, as there are other areas that would work and need development.
In Wichita, a space for outdoor concerts may be created across the street from where amplified concerts are banned.
The City of Wichita plans subsidized development of a sports facility as an economic driver.
As in years past, a truthful accounting of the finances of Intrust Bank Arena in downtown Wichita shows a large loss.
An information resource regarding the future of Naftzger Park in downtown Wichita.
Are the City of Wichita's projections regarding subsidized development as an economic driver believable?
The depreciation expense of Intrust Bank Arena in downtown Wichita recognizes and accounts for the sacrifices of the people of Sedgwick County and its visitors to pay for the arena.
The depreciation expense of Intrust Bank Arena in downtown Wichita recognizes and accounts for the sacrifices of the people of Sedgwick County and its visitors to pay for the arena. But no one wants to talk about this.
In this episode of WichitaLiberty.TV, host Bob Weeks reviews chapter 4 of "Economics in One Lesson," about how public works mean taxes, and efforts to create jobs through spending on public works do more ham than good, if the public asset is not truly needed. The tax used to build the Instrust Bank Arena in Wichita is analyzed in this light. Then on to chapter 5, "Taxes Discourage Production." Amanda BillyRock illustrates, and Bob explains that notwithstanding inventions like the powdered orange drink Tang, innovation and progress comes primarily from the private sector, not from government programs.
Touring a Wichita city-owned retail strip in a prime downtown location raises a few issues.
The true state of the finances of the Intrust Bank Arena in downtown Wichita are not often a subject of public discussion. Arena boosters promote a revenue-sharing arrangement between the county and the arena operator, referring to this as profit or loss. But this arrangement is not an accurate and complete accounting, and hides the true economics of the arena.
When evaluating information released by Sedgwick County regarding the financial performance of Intrust Bank Arena, citizens need to look beyond the presentations made to commission members. Important facts are available, but not presented to commissioners and the public.
The Wichita City Council and city hall bureaucrats have shown that they are willing to follow the letter of the law, but following the spirit and substance of the law, especially regarding public hearings and citizen involvement, remains a challenge for the city.
Reports that income earned by the Intrust Bank Arena is down sharply has brought the arena's finances back into the news. The arena, located in downtown Wichita and owned by Sedgwick County, is deemed to be a success by the county and arena boosters based on "profit" figures generated during its first year of operations. But these numbers are not an honest assessment of the arena's financial performance.
Okay, maybe that's a little over-hyped, but when arena cheerleader Rhonda Holman of the Wichita Eagle starts to question the operations of Intrust Bank Arena in downtown Wichita, there must be something going on.
Tomorrow's meeting of the Wichita city council will feature a public hearing as to whether a tax increment financing district that benefits Real Development should be modified.