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.
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.
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.
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.