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City of Independence
AGENDA ITEM COVER SHEET

Agenda Title:

Tax Increment Financing 5 Year Review
Recommendations:

This presentation is for informational purposes only on the 5 year update on the Tax Increment Financing plans for Hartman Heritage Park and Independence Square.

Executive Summary:

Community Development Director Tom Scannell will present the 5 year update on the Hartman Heritage Park and Independence Square TIFs.  Hartman Heritage Park is in its 20th year since TIF adoption; the Independence Square TIF is in its 5th year since TIF adoption. 

Background:

After the approval and commencement of a Tax Increment Financing Project, the City is required to review the progress of projects on a five-year rolling calendar.  The TIF projects under review this year are:  Hartman Heritage Park and Independence Square.

 

Both Hartman Heritage Park and Independence Square TIF Plans were approved for a period of 23 years with the TIF capturing 50% of the Economic Activity Taxes (EATS) and 100% of the Payment in Lieu of Taxes (PILOTS).  The Hartman Heritage Park TIF was approved in 1998 and the Independence Square TIF was approved in 2013.

 

After the 5 year TIF presentation, a public hearing is scheduled for the City Council meeting on Monday, October 1. 


Department:          Community DevelopmentContact Person:          Tom Scannell


REVIEWERS:
DepartmentAction
Community Development DepartmentApproved
City Clerk DepartmentApproved
City Managers OfficeApproved
City Clerk DepartmentApproved

Council Action:          Council Action:         

ATTACHMENTS:
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