|City of Independence|
|AGENDA ITEM COVER SHEET|
|BILL NO. 18-024||Ord.No: 18870|
18-024 - 2R. An ordinance terminating and dissolving the Mid-Town Truman Road Tax Increment Financing Plan, Special Allocation Fund, and the Tax Increment Financing associated therewith, and terminating the designation of the Redevelopment Area under said plan as a Redevelopment Area.
Staff recommends approval of this Resolution.
The Mid-Town Truman Road TIF was approved in November 1994.The Redevelopment Area is approximately 624 acres of land generally located west of Independence Square. The area is approximately bounded by Waldo Avenue, Pleasant Avenue, Spring Street, Pacific Avenue, Forest Avenue and Cunningham Street.
The Redevelopment Plan proposed was to preserve and enhance existing housing, encourage reinvestment and improvement in residential structures, reverse the trend of neighborhood decline and encourage commercial investment. The TIF funded a 353 Redevelopment Corporation and the implementation of the 353 Redevelopment Plan and tax abatement program. The project was expected to eliminate blight in residential neighborhoods, enhance public safety and welfare by providing improvements, and tax abatement through the 353 Corporation.
The total projected costs of the project were $80,810,850 with up to $8,380,910 of this reimbursable to the developer. Over the life of the project, the TIF generated $4,084,810 in revenues from sales tax (EATS) and property taxes (PILOTS).
The Mid-Town Truman Road TIF has fulfilled its maximum 23-year life and must be dissolved. Any excess funds received have been disbursed back to the taxing jurisdictions. State Statute Sections 99.850 and 99.855 require that an Ordinance be passed by Council to dissolve the TIF.
Any excess funds received into the Mid-Town Truman Road TIF Special Allocation Fund have been disbursed back to the taxing jurisdictions. The special allocation fund balance is $0.00.
|Department: Finance Department||Contact Person: Brian C. Watson|
|City Clerk Department||Approved|
|Council Action: ||Council Action: Accepted|