Title
Presentation: Activation of remaining Project Ordinances for the New Longview Tax Increment Financing Plan.
Body
Issue/Request:
This is a presentation to discuss the activation of the remaining TIF project ordinances under the New Longview TIF Plan.
Key Issues:
Activation of TIF Project ordinances.
Background:
The New Longview Tax Increment Financing Plan was approved by the Lee’s Summit City Council on December 17, 2015. On that same date, 15 project ordinances were introduced for the 15 separate redevelopment project areas in which TIF revenues may be collected as the properties develop.
When the New Longview TIF Plan was approved, the Council also held first reading of the project ordinances that would activate TIF collection in each of the respective project areas identified in the TIF Plan. This step was taken because each TIF project ordinance must be “introduced” to the City Council between 14 and 90 days following completion of the public hearing held by the Tax Increment Financing Commission regarding the TIF Plan.
The Second Amendment to the New Longview TIF Plan was approved by the Council in April 2019. The Second Amendment adjusted certain redevelopment project areas to match the platted lots and allow the City to activate the collection of TIF revenues in a manner that more closely matches actual development as it occurs in the Longview area. This was intended to avoid years where TIF collection has been activated in certain areas but the property is not producing any TIF revenues. The ordinances for those restructured project areas were also introduced to the City Council following the TIF Commission hearing. As a result, all of the remaining project ordinances are awaiting second reading and approval by the City Council.
The TIF Act imposes a 10-year limit on project activation. This means that if the TIF project ordinances are not approved before December 17, 2025, the City loses the ability to approve these remainin...
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