City council, local company reach agreement

January 15, 2019 - 11:27 am

The Wichita City council approved a new economic development agreement with a local company.

Fiber Dynamics received a tax exemption from the city in March 2008.  Under the terms, the company had to reach a job creation and return on investment target.  The company failed to reach the job target though, and the city could have demanded the tax abatement of $253,000.  Instead the company will pay back $100,000 over 4 years.

Mayor Jeff Longwell said the rules are in place to protect the city and taxpayers. 

The company will complete a 25,000 square foot expansion by the end of the year, but will receive no additional incentives.

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