Company News City Council approves $7.3M IRB request for Wichita company’s new headquarters

December 21, 2023

Fairbank Equipment, established in Wichita over 75 years ago, is gearing up for a significant expansion of its headquarters. To facilitate this growth, the city has stepped in with incentives. Recently, the Wichita City Council gave the green light for issuing $7.35 million in industrial revenue bonds along with a sales tax exemption. These financial aids will support the construction of a new 40,000 square-foot corporate home for Fairbank Equipment in southwest Wichita, specifically within Jeff Lange’s Steeple Bay development at I-235 and Seneca. This expansion, slated for completion in fall 2024, dwarfs the current 13,500 square-foot offices located at 3700 W. Jewell St. near West Street and K-42.

During the council meeting, Council member Jeff Blubaugh expressed gratitude, highlighting the significance of Fairbank Equipment choosing to remain and grow in Wichita. Currently operating with eight locations across the U.S. and maintaining a staff of 28 employees at its Wichita headquarters, Fairbank aims to hire an additional five local employees over the next five years, each with salaries exceeding $79,000 annually.

CW2 LLC, a real estate entity under Jeff Lange‘s Triple Crown Realty Trust, is overseeing the construction of Fairbank’s new facility. The project, expected to commence soon, qualifies for a 100% property tax exemption for the initial five years, potentially extending for another five years upon City Council approval.

“Lange Real Estate is proud to collaborate with Triple Crown Realty Trust, a real estate investment trust committed to developing Middle America industrial real estate with private equity-backed tenants. We are enthusiastic about this joint venture with Fairbank, as it represents our commitment to supporting the expansion needs of long-standing local businesses.” — Rachel Lange, President, and Supervising Broker at Lange Real Estate.

Utilizing IRB financing, which requires no taxpayer commitment, can significantly benefit companies by securing more favorable interest rates for their expansion endeavors. An economic analysis by the Center for Economic Development and Business Research at Wichita State University forecasts a favorable cost-to-benefit ratio of more than 3-to-1 for the city resulting from this effort.

This expansion is part of the larger Steeple Bay development, contributing to the CrossGate District, a visionary $300-million initiative led by LANGE companies like Lange Real Estate, RedGuard, ModuAll, and more. This transformation aims to revitalize a substantial area in south and southwest Wichita, encompassing The Paddock industrial park, the planned OneRise Health Campus, and Saddlecreek Crossing within the CrossGate District.

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