| | | | | | | | | City of Independence | | AGENDA ITEM COVER SHEET |
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| | | | | | | | Agenda Title:
22-057 - 1R. An ordinance terminating Tax Increment Financing within Redevelopment Project #1 of the Noland Road and 23rd Street Redevelopment Area; Dissolving the Special Allocation Fund Account related thereto; and and authorizing certain actions relating thereto. |
| | | | | | | | Recommendations:
Staff recommends approval of the ordinance. |
| | | | | | | | Executive Summary:
The City Council approved tax increment financing and triggered collections under the Noland Road and 23rd Street Tax Increment Finance Plan on December 3, 2012. The Redevelopment Project has been completed and and the City should terminate the collection of TIF revenues within the Redevelopment Area. |
| | | | | | | | Background:
The purpose of the plan is to incentivize the redevelopment of the project area by curing/eliminating blighting conditions through multiple projects. Project 1 provided for demo of blighted building and construction of a new convenience store including gasoline sales. Public improvements in the project area included new curbs, sidewalks, and storm sewer pipe. |
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Fiscal Impact:
The balance in the Noland & 23rd TIF Project 1 fund through May 2022 is $142,046. The Developer has been reimbursed for all certified costs. The outstanding balance is owed to other taxing districts and will be redistributed to districts once terminated.
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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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