Item Coversheet
City of Independence
AGENDA ITEM COVER SHEET
BILL NO. 18-715Res.No:          6296

Agenda Title:

18-715 - A resolution authorizing city staff to apply to the Missouri Development Finance Board for tax credits related to the expansion of the Truman Library.
Recommendations:

Staff recommends approval of this resolution.
Executive Summary:

The Missouri Development Finance Board (MDFB) requires a resolution of support to authorize staff to apply for tax credits for the Truman Library project.  
Background:

The Missouri Development Finance Board (MDFB) grants up to $10 million per year in tax credits at a match of 50% of eligible contributions by donors who support local municipal programs. Eligible programs or projects include those that encourage and leverage private investment in distressed and blighted areas, enhance employment opportunities to disadvantaged persons and businesses, and/or provide funding to support the construction or expansion of facilities resulting in expanding the delivery of services that benefit public health, safety and welfare, and/or the promotion of tourist and cultural facilities. City staff has identified the Truman Library expansion project as eligible to be considered by MDFB for these tax credits. 

In order for a non-municipal project such as the Truman Library Expansion to receive tax credits from MDFB, they must (1) be either directly or indirectly supported by a local municipality and (2) the local municipality must approve of and sponsor the project before MDFB.

The City has contributed both directly and indirectly to support the Truman Library in recent, ongoing and planned investments in projects and improvements in the following ways:

Project/Expense                             Amount               

Parks                                                $1.8 million                    

Tourism marketing                            $1.2 million per year     

Street improvements                        $670,000

Property abatement                          $92,000 per year

Uptown Square Market                     $3.37 million

In addition, the City is applying for two grants to complete the Truman Trail Connection Project - Phase 1 to extend a multi-modal trail from the Truman Library to College St. The project is estimated at $234,000, and the City plans to extend future phases to the Independence Square. The City is cooperating with the Missouri Department of Transportation (MODOT) on a project to replace the 24 Highway Bridge at Bess Truman Parkway. Though this is a MODOT project, the City may partner on project enhancements to support the pedestrian and tourism connection between the Truman Library, McCoy Park and the Independence Square. 

Attached to the agenda are presentations and supporting documentation from the Truman Library on the proposed expansion with architectural renderings, project descriptions and costs/sources of funds for additional reference.



Fiscal Impact:

None



Department:          Finance DepartmentContact Person:          Brian C. Watson


REVIEWERS:
DepartmentAction
Finance DepartmentApproved
Finance DepartmentApproved
Finance DepartmentApproved
Law DepartmentApproved
City Managers OfficeApproved
City Clerk DepartmentApproved

Council Action:          Council Action:          Accepted

ATTACHMENTS:
DescriptionType
ResolutionResolution
Project SummaryBackup Material
Detail of City of Independence Investment in Truman LibraryBackup Material
A Vision for Truman's LegacyPresentation