Item Coversheet
City of Independence
AGENDA ITEM COVER SHEET
BILL NO. 21-0901R.
Agenda Title:

21-090 - 1R.  An ordinance terminating Tax Increment Financing within the Mount Washington Redevelopment Area; dissolving the Special Allocation Fund accounts related thereto; and authorizing certain actions relating thereto.
Executive Summary:

The City Council approved tax increment financing and triggered collections under the Mt. Washington Tax Increment Financing Plan on September 18, 2000. Portions of the Redevelopment Project has been completed, for which all costs have been reimbursed. The remaining portions of the Redevelopment Project will not be undertaken so the City should terminate the collection of TIF revenues within the Redevelopment Area. 
Background:

The City created the Mt. Washington TIF in 2000. The project consisted of improvements to the Mt Washington cemetery site including repair and reconstruction of a road and bridge and the construction of a new mausoleum; reimbursement for expenditures to Fairmount Business District; and Truman Road public improvements. The construction of a lake has not been completed. 

 

The revenues for the TIF consisted of 100% of the increase in property tax revenues over the base valuation and 50% of the incremental increase in sales taxes. 

 

There are no outstanding debt or liabilities for Mt Washington. 


Fiscal Impact:

The balance in the Mt. Washington TIF fund through October 2021 is $50,242. This balance represents money that has been collected through the TIF that are owed to other taxing units. 

 

Although the TIF will be cancelled and the City will no longer collect other taxing units increment, the City will continue to deposit the City's portion of those revenues into the Tax Increment Financing Supplemental Fund, pursuant to the Tax Increment Financing Suppplemental Approprations Policy, approved by the City Council on April 19, 2021.   


Department:          Finance and AdministrationContact Person:          Bryan Kidney

REVIEWERS:
DepartmentAction
Finance DepartmentApproved
Finance DepartmentApproved
City Managers OfficeApproved
City Clerk DepartmentApproved
Council Action:          Council Action:         
ATTACHMENTS:
DescriptionType
Ordinance Terminating Mt Washington TIFOrdinance