Title
Presentation on all Active Tax Increment Financing Districts
Body
Issue/Request:
Presentation on all Active Tax Increment Financing Districts
Key Issues:
Presentation of Status of Projects and Revenue Generation for all Active Tax Increment Financing Districts
Proposed Committee Motion:
N/A
Background:
Section 99.865 RSMo. requires an annual report be filed with the Department of Revenue each year to update the status of each active Tax Increment Financing Plan. That section also requires the municipal entity that approved the Tax Increment Financing Plan to review the status of each Tax Increment Financing Plan at least once each five years to determine the status of the projects and determine the progress of the Development versus the TIF Plan. The City has adopted a review of the TIF Plans on an annual basis to ensure the five year requirement will be met. This presentation is designed to provide a review of the progress in each TIF District in fulfilling the relevant TIF Plan projects and financial goals.
Impact/Analysis:
The City currently has eight active Tax Iincrement Financing Plans. Since the last review the City has terminated one TIF Plan, Chapel Ridge, and has approved two TIF Plans, I-470 and View High (Paragon Star) and Village at View High. In addition, several of the TIF Plans have been amended, including Longview Farm, and I-470 Business and Technology TIF Plans due to changes in the status of the previously approved projects and additional items that were to be completed under the TIF Plans.
During this time frame, there has been additional construction activity on the East U.S. 50 Highway Corridor TIF Plan, both in Project Area 1 and Project Area 4, with improvements nearing completion in project area 1 and having been completed in project area 4. The additions to the TIF has added to the Revenues of the TIF from PILOTs and EATs. The Chapel Ridge TIF improvements included projects paid from proceeds of The Strother Interc...
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