The Wichita City Council approved MWCB LLC’s $33 million industrial revenue bond request to construct NetApp’s new Wichita headquarters on Innovation Campus.

IRBs are debt securities issued by a governmental agency on behalf of a private-sector company. The bonds will be used for construction of the new building “and related development costs.”

“This is the right time to invest in technology,” Mayor Brandon Whipple said during Tuesday’s meeting.

The university announced in November that the cloud data services company was looking at a move to the corner of 17th and Oliver. The current headquarters sit at north Rock Road.

According to the request, the space would be leased from MWCB to NetApp.

NetApp will sell their current space at Rock Road to MWCB for redevelopment.

MWCB is partially owned by former Kansas Board of Regent member David Murfin.