| | | | | | | | | City of Independence | | AGENDA ITEM COVER SHEET |
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| | | | | | | | | BILL NO. 20-068 | Ord.No: 19156 |
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| | | | | | | | Agenda Title:
20-068 - 2R. An ordinance terminating Redevelopment Project II of the North Independence Tax Increment Financing Plan; dissolving the Special Allocation Fund Account for Redevelopment Project II of the North Independence Redevelopment Area; and authorizing and directing the City Manager or the City Manager's designee to take all necessary steps to implement these aforementioned actions. |
| | | | | | | | Recommendations:
Staff recommends approval of the ordinance. |
| | | | | | | | Executive Summary:
Redevelopment Project II of the North Independence Tax Increment Financing Plan was never completed. This ordinance formally terminates Redevelopment Project II, places the project area back on the tax rolls at full value and allows the City to close out the special allocation fund account for the project. |
| | | | | | | | Background:
On May 15, 2000, the City Council approved the North Independence Tax Increment Financing Plan and approved two projects under such TIF Plan. Redevelopment Project I, the Winterstone Golf Course, was completed in 2006. Redevelopment Project II, which was to be an underground industrial park with related public improvements, was never completed. The City terminated the developer’s rights to tax increment financing for Redevelopment Project II in a letter dated February 1, 2013, citing failure to develop the project in the required timeframe. This ordinance formally terminates Redevelopment Project II, places the area of such project back on the tax rolls at full value and allows the City to close out the special allocation fund account for such project.
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Fiscal Impact:
No immediate fiscal Impact. When area develops the City would benefit from property taxes.
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| | | | | | | | | Department: Finance and Administration | Contact Person: Bryan Kidney |
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| REVIEWERS: | | Department | Action | | Finance Department | Approved | | Finance Department | Approved | | City Managers Office | Approved | | City Clerk Department | Approved |
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| Council Action: | Council Action: |
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| ATTACHMENTS: | | Description | Type |  | Ordinance | Ordinance |
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