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 Interchange TDD, Series 2007, and, during the year those bonds were redeemed in full by the Trustee, and, the City Council approved the termination of the TIF.
The Developer for the I-470 Business & Technology TIF completed additonal projects, both private and public reimbursable, and requested certification of additional costs. The additional private project improvements has increased both the PILOTs and EATs being generated in the TIF District.
The Lee's Summit East (Summit Fair) Developer completed additional improvements in the Summit Fair shopping Center, which will increase the PILOTs and EATS being generated by the development, and, has issued additional TIF bonds that have paid the remaining certified costs allowed as reimbursable TIF expenditures under the TIF contract.
The amendment to the Longview Farm TIF Plan, finalized the active projects for hte TIF Plan, and, deleted the undeveloped property from the TIF Plan. It also changed the TIF budget for rehabiliation of the structures located at the former Longview Farm to a maximum of $3,650,000. Revenues from the existing TIF Project Areas will pay the costs incurred for the rehabilitation work being done. The Developer has started rehabilitation work on the structures, and, the rehabilitation work is ongoing. The New Longview TIF Plan was approved, and, the Developer has begun work on some of the private improvements. It is anticipated PILOTs will begin to be generated during FIscal Year 2018 in the New Longview TIF area.
The Developer has completed construction of the final project in the Ritter Plaza TIF. It is anticipated the completion of that project will add to the amount of PILOTs and EATs being generated in the TIF Area.
Both the I-470 and View High (Paragon Star) and the Village at View High TIF Plans have been approved. The Develsopers of the projects are beginning work on the projects, however, neither TIF generated PILOTs or EATs during Fiscal Year 2017.
Timeline:
Start: ___
Finish: ___
Other Information/Unique Characteristics:
None.
Presenter
Presenter: Conrad E. Lamb
Recommendation
Recommendation: None
Committee Recommendation
Committee Recommendation: None