The Wichita City Council has approved industrial revenue bond financing and an estimated $13.6 million in property tax breaks to subsidize Cargill Protein Group’s new headquarters downtown.
The Wichita Eagle reports the council approved the tax breaks Tuesday.
City and state officials have negotiated an incentive package to keep Cargill in Wichita, a decision that was announced last year by Gov. Sam Brownback and Mayor Jeff Longwell.
A city estimate states that the tax abatement will be worth about $1.36 million a year to the company. A Wichita State University report says that keeping Cargill in the city will generate enough economic activity to offset the abatement.