Title
An Ordinance approving the East Village Tax Increment Financing Plan.
Body
Summary of Developer’s Incentive Requests:
East Village Investors, LLC (“Developer”) is requesting incentives to redevelop the property bounded on the north by Highway 50, on the west by Highway 291 South, on the east by railroad tracks and on the south by 16th Street (the “Project”) that have been acquired by Developer for the Project. Developer is requesting the following incentives for the Project:
1. LCRA Redevelopment Plan - The City approved the 291 South Regional LCRA Redevelopment Plan in November 2023 through the adoption of Ordinance No. 9783 to facilitate development and redevelopment of property along the 291 South corridor. The proposed “Project 2 (Oldham Village) LCRA Plan” would provide for (i) sales tax exemption on construction materials for the Project, and (ii) 75% tax abatement for the three apartment structures and a townhome component.
2. Tax Increment Financing Plan - The proposed East Village TIF Plan would collect payments in lieu of taxes (PILOTs) and economic activity taxes (EATs) in the amount of 50% pursuant to the Tax Increment Financial Allocation Act as set forth in Chapter 99.800, RSMo et seq. (the “TIF Act”).
Key Issues for this Agenda Item:
This is the ordinance that would approve the TIF Plan.
Proposed Motion:
I move for second reading of An Ordinance Approving the East Village Tax Increment Financing Plan.
Impact/Analysis:
The Cost Benefit Analysis in the packet, which legally supports the TIF Plan, provides a comprehensive review of the tax benefits to all taxing districts as a result of the TIF Plan. Baker Tilly has provided a “But For Determination Report” which analyzes the requirement that the City Council make a factual finding that the TIF Redevelopment Area would not reasonably be anticipated to be developed without the adoption of tax increment financing. The But For report also reviews the requested multifamily incentive t...
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