Intrust Bank arena

Intrust Bank Arena loss for 2019 nears $5 million

Intrust Bank Arena loss for 2019 nears $5 million

A truthful accounting of the finances of Intrust Bank Arena in downtown Wichita shows a large loss. The true state of the finances of the Intrust Bank Arena in downtown Wichita are not often a subject of public discussion. Arena boosters cite 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 it hides the true economics of the arena. What's missing is depreciation expense. There are at least two ways of looking at the finance of the arena. Nearly all attention…
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Intrust Bank Arena economic impact holds mistake

Intrust Bank Arena economic impact holds mistake

A report on the economic impact of the first ten years of operation of the Intrust Bank Arena in downtown Wichita incorrectly reported tax revenue. Recently Intrust Bank Arena in downtown Wichita promoted the results of an analysis of the economic impact of the arena through its first ten years of operation. [1. INTRUST Bank Arena Reports Economic Impact Study Results Through First 10 Years. February 14, 2020. Available at https://www.intrustbankarena.com/release/366/intrust-bank-arena-reports-economic-impact-study-results-through-first-10-years/.] The arena partnered with the Center for Economic Development and Business Research at Wichita State University to conduct the study. [2. Analysis by CEDBR, version 2, dated 1/6/2020. The…
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The finances of Intrust Bank Arena in Wichita

The finances of Intrust Bank Arena in Wichita

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. The true state of the finances of the Intrust Bank Arena in downtown Wichita are not often a subject of public discussion. Arena boosters cite 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 it hides the true economics of the arena. What's missing is depreciation expense. There are at least two ways…
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Wichita considers a new stadium

Wichita considers a new stadium

The City of Wichita plans subsidized development of a sports facility as an economic driver. Originally published in July 2017. This week the Wichita City Council will consider a project plan for a redevelopment district near Downtown Wichita. It is largely financed by Tax Increment Financing and STAR bonds. Both divert future incremental tax revenue to pay for various things within the district.[1. Weeks, Bob. STAR bonds in Kansas. Available at https://wichitaliberty.org/kansas-government/star-bonds-kansas/.] [1. Weeks, Bob. Wichita TIF projects: some background. Available at https://wichitaliberty.org/wichita-government/wichita-tif-projects-background/.] City documents promise this: "The City plans to substantially rehabilitate or replace Lawrence-Dumont Stadium into a multi-sport…
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Retiring Sedgwick County Commissioner Dave Unruh praised

Retiring Sedgwick County Commissioner Dave Unruh praised

The praise for retired Sedgwick County Commissioner Dave Unruh can't be based on our region's accomplishments under his guidance. That is, if people are informed and truthful. In January a group of Wichita business leaders submitted an op-ed to the Wichita Eagle to mark the retirement of Sedgwick County Commissioner Dave Unruh. I quote portions here, with emphasis added: He easily won re-election because his constituents and the rest of us knew he was dedicated to strengthening our community, region and the state. ... In economic development Commissioner Unruh was chairman in 2006 when the board voted to build a…
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For Hugh Nicks, a return to the backroom deal?

For Hugh Nicks, a return to the backroom deal?

Remarks from a candidate for Sedgwick County Commission call for presenting a unified front to the public. Speaking to the Wichita Pachyderm Club, Sedgwick County Commission candidate Hugh Nicks called for leadership to end what he called "divisive behavior:" "We can’t have -- we can’t have the kind of divisive behavior that we have going on right now -- we just -- it’s just not -- it’s just not acceptable." His opponent in the August Republican Party primary election is Richard Ranzau, who currently holds the office. The "divisive behavior" that Nicks objects to takes several forms, but it's clear…
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Downtown Wichita business trends

Downtown Wichita business trends

There has been much public and private investment in Downtown Wichita. What has been the trend in business activity during this time? According to the 2017 report from Wichita Downtown Development Corporation (now known as Downtown Wichita), over the past decade there has been $593,868,858 in private investment, $160,522,002 in public investment, and $171,087,276 investment in Intrust Bank Arena. That's $925 million of investment in downtown over this period, with more before. [1. Downtown Wichita. State of Downtown Report, 2017. https://downtownwichita.org/user/file/2017-state-of-downtown-report-download.pdf.] What has been the result of this investment? If you expected business growth in downtown Wichita, you may be…
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Intrust Bank Arena loss for 2017 is $4,222,182

Intrust Bank Arena loss for 2017 is $4,222,182

As in years past, a truthful accounting of the finances of Intrust Bank Arena in downtown Wichita shows a large loss. The true state of the finances of the Intrust Bank Arena in downtown Wichita are not often a subject of public discussion. Arena boosters cite 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 it hides the true economics of the arena. What's missing is depreciation expense. There are at least two ways of looking at the finance of the…
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Briefs

Reminds me of the Wichita flag Wichita Eagle Opinion Line, December 5, 2017: "So Wichita wants to put its flag on license plates. I hope not. Every time I see it, it reminds me of how much it looks like the KKK emblem." I've noticed this too. Have you? Here is the center of the Wichita flag along with the blood cross used by the Ku Klux Klan. Wichita hotel resurgence? At the meeting of the Wichita City Council today, there was self-congratulation on the success of the city and its convention and tourism bureau in generating business for Wichita…
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Naftzger Park contract: Who is in control?

Naftzger Park contract: Who is in control?

The City of Wichita says it retains final approval on the redesign of Naftzger Park, but a contract says otherwise. As part of the proposed redesign of Naftzger Park in downtown Wichita, an architectural firm has been engaged, and a contract agreed to. I've made the document available through Google Drive here. In responding to my request for the contract, the city included this information: The Naftzger Park design contract you requested is between SWA Balsley and TGC Development Group. SWA has provided a copy of the draft agreement. The City has coordinated with TGC in this effort to ensure…
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Downtown Wichita gathering spaces that don’t destroy a park

Downtown Wichita gathering spaces that don’t destroy a park

Wichita doesn't need to ruin a park for economic development, as there are other areas that would work and need development. One of the reasons for the redesign of Naftzger Park in downtown Wichita is to increase economic development. A city council agenda held, "These recommendations include opening up the park to provide for increased walking and public activity as well as to encourage development adjacent to the park." [1. Wichita city council agenda packet, July 18, 2017. Item IV-3.] Other city documents say the redesign of the small downtown Wichita park is to, "create a continuous flex space for…
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In Wichita, new stadium to be considered

In Wichita, new stadium to be considered

The City of Wichita plans subsidized development of a sports facility as an economic driver. This week the Wichita City Council will consider a project plan for a redevelopment district near Downtown Wichita. It is largely financed by Tax Increment Financing and STAR bonds. Both divert future incremental tax revenue to pay for various things within the district.[1. Weeks, Bob. STAR bonds in Kansas. Available at https://wichitaliberty.org/kansas-government/star-bonds-kansas/.] [1. Weeks, Bob. Wichita TIF projects: some background. Available at https://wichitaliberty.org/wichita-government/wichita-tif-projects-background/.] City documents promise this: "The City plans to substantially rehabilitate or replace Lawrence-Dumont Stadium into a multi-sport athletic complex. The TIF project…
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Intrust Bank Arena loss for 2016 is $4,293,901

Intrust Bank Arena loss for 2016 is $4,293,901

As in years past, a truthful accounting of the finances of Intrust Bank Arena in downtown Wichita shows a large loss. The true state of the finances of the Intrust Bank Arena in downtown Wichita are not often a subject of public discussion. Arena boosters cite 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. What's missing is depreciation expense. An example: In February 2015 the Wichita Eagle reported: "The arena’s net income for…
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Naftzger Park public hearing to be considered

Naftzger Park public hearing to be considered

The Wichita City Council may set August 15, 2017 as the date for a public hearing on the future of Naftzger Park in downtown Wichita. On Tuesday July 11, 2017, the Wichita City Council will consider setting August 15, 2017 as the date for the public hearing for consideration of the plan for the future of Naftzger Park. The relevant pages of the council agenda may be read here. Much of the document is boilerplate material regarding tax increment financing districts. But there is some additional information. First, the project is expected to cost $3,000,000: "Park improvements are projected to…
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WichitaLiberty.TV: John Todd and Wichita issues

WichitaLiberty.TV: John Todd and Wichita issues

In this episode of WichitaLiberty.TV: John Todd joins Bob Weeks and Karl Peterjohn to discuss issues involving the City of Wichita, including the future of Naftzger Park and economic development. View below, or click here to view at YouTube. Episode 157, broadcast July 9, 2017. Shownotes Wichita Pachyderm Club on Facebook Article link: An information resource regarding the future of Naftzger Park in downtown Wichita Article link: Downtown Wichita business trends: There has been much investment in Downtown Wichita, both public and private. What has been the trend in business activity during this time? Article link: Downtown Wichita jobs, sort…
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On Wichita’s STAR bond promise, we’ve heard it before

On Wichita’s STAR bond promise, we’ve heard it before

Are the City of Wichita's projections regarding subsidized development as an economic driver believable? This week the Wichita City Council will consider a project plan for a STAR bonds district near Downtown Wichita. These bonds divert future incremental sales tax revenue to pay for various things within the district.[1. Weeks, Bob. STAR bonds in Kansas. Available at https://wichitaliberty.org/kansas-government/star-bonds-kansas/.] City documents promise this: "The City plans to substantially rehabilitate or replace Lawrence Dumont Stadium as a modern multi-sport stadium as part of a larger project to develop the river and stadium areas. ... Combined, the museum, pedestrian bridge, waterfront improvements and…
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Downtown Wichita business trends

Downtown Wichita business trends

There has been much investment in Downtown Wichita, both public and private. What has been the trend in business activity during this time? According to the 2016 report from the Wichita Downtown Development Corporation, over the past decade there has been $602 million in private investment and $369 million in public investment in downtown. An additional $190 million investment is in the form of the Intrust Bank Arena. The total, according to WDDC, is $1,161 million.[1. Wichita Downtown Development Corporation. State of Downtown Report, 2016. http://www.downtownwichita.org/2016StateofDowntown/?page=1.] What has been the result of this investment? If you expected business growth in…
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Year in Review: 2016

Year in Review: 2016

Here are highlights from Voice for Liberty for 2016. Was it a good year for the principles of individual liberty, limited government, economic freedom, and free markets in Wichita and Kansas? Also be sure to view the programs on WichitaLiberty.TV for guests like journalist, novelist, and blogger Bud Norman; Radio talk show host Joseph Ashby; David Bobb, President of Bill of Rights Institute; Heritage Foundation trade expert Bryan Riley; Radio talk show host Andy Hooser; Keen Umbehr; John Chisholm on entrepreneurship; James Rosebush, author of "True Reagan," Jonathan Williams of American Legislative Exchange Council (ALEC); Gidget Southway, or Danedri Herbert;…
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Intrust Bank Arena loss for 2015 is $4.1 million

Intrust Bank Arena loss for 2015 is $4.1 million

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 true state of the finances of the Intrust Bank Arena in downtown Wichita are not often a subject of public discussion. Arena boosters cite 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. What's missing is depreciation expense. There hasn't been much talk…
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