In April 2019, the City Council approved Resolution No 6454, created the Independence Economic Development and Incentives Commission (EDIC) and empowered it with duties and responsibilities to review applications for certain economic development incentives and to make recommendations regarding approval or disapproval of such applications to the City Council. The Resolution included a list of specific economic development incentive applications, including Chapter 100 Tax Abatement, Chapter 353 Tax Abatement, Neighborhood Improvement Districts, Community Improvement Districts, certain types of Transportation Development Districts and certain Enhanced Enterprise Zones, to be reviewed by the EDIC.
The purpose of the EDIC is to provide an opportunity for taxing jurisdictions other than the City to participate in the review of incentives that affect those Taxing Jurisdictions in the same manner as a tax increment financing commission does for a tax increment financing project. The formation and implementation of Neighborhood Improvement Districts, Community Improvement Districts, and Transportation Development Districts do not involve the abatement or reallocation of taxes that would otherwise be paid to Taxing Jurisdictions.
This Resolution would adjust the scope of the Commission’s review to those incentive applications that involve the abatement or reallocation of taxes that would otherwise flow to the Taxing Jurisdictions. Thus, the EDIC would be charged with reviewing and making recommendations to City Council regarding applications for the following economic development incentives:
Chapter 100 Tax Abatement
Chapter 353 Tax Abatement
Enhanced Enterprise Zone Incentives (excluding individual applications within existing zones for which the City Council has previously approved an incentive program to be administered without further City Council action)