Across Missouri, cities use tax-increment financing for a variety of purposes

Thursday, April 26, 2012 | 6:00 a.m. CDT; updated 7:59 a.m. CDT, Thursday, April 26, 2012

COLUMBIA — Tax-increment financing, also known as TIF, is a multifaceted tool that cities can use to encourage projects designed to improve the vitality and beauty of their communities. Data available from the Missouri Department of Economic Development reveals a number of ongoing TIF projects in the state designed for a variety of purposes.

City: Boonville

Project Name: Mid-America Industrial Park

Approved: July 1, 1991

Details: Current development on the site includes a Holiday Inn Express and an industrial park housing a Caterpillar construction plant. According to a report filed with the state in 2009, the project has produced 482 jobs since its inception.

City: Independence

Project Name: Mid-Truman Road Corridor Project

Approved: Nov. 21, 1994

Details: The project encompasses the area surrounding the Independence Regional Health Center. In 2011, the city reported nearly $4 million in expenses for the project covered by TIF.

City: North Kansas City

Project Name: Northgate Village

Approved: Feb. 1, 2000

Details: The plan was adopted to renew pre-existing housing built during the post-World War II boom that comprised roughly one-quarter of the city's residential property, according to Assistant City Administrator Michael B. Smith.

City: Jefferson City

Project Name: High Street Project

Approved: Dec. 5, 2002

Details: High Street runs parallel to the Missouri River in the heart of downtown Jefferson City. This "blight" designated project was established to improve road and gutter conditions and provide more on-street parking in the historic district of Missouri's capital.

City: Kansas City

Project Name: Power and Light District

Approved: March 4, 2004

Details: The Power and Light District is actually a grouping of TIF applications for an area in downtown Kansas City roughly bounded by Grand Boulevard, Main and 13th streets and Interstate 670. The fund was established to provide infrastructure support for numerous businesses in the area, including upscale dining, bars, a theater and other entertainment in an area designated as "blighted." According to a 2011 report filed with the state, the district has collected more than $1.5 million in economic activity taxes since its inception.

City: Smithville

Project Name: Smithville Commons

Approved: Sept. 19, 2006

Details: The plan outlines a need for infrastructure to support 280,000 square feet of retail space near St. Luke’s Northland Hospital. The city acquired 364 parcels through eminent domain and reported nearly $117,000 in infrastructure costs covered by TIF in 2009.

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