23-084 2R An ordinance terminating Redevelopment Project I of the North Independence Tax Increment Financing Plan; dissolving the special allocation fund account for Redevelopment Project I 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.

Redevelopment Project I has been completed and the time for collection of tax increment financing revenues within Redevelopment Project I has expired as of May 14, 2023 and the City should terminate the collection of TIF revenues within the Redevelopment Project Area.

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 and was opened to the public.  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 I, 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.   

The balance in the North Independence TIF Project I has a zero balance in the Special Allocation Fund account created for Redevelopment Project I.

Although the TIF will be canceled 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 Supplemental Appropriations Policy, approved by the City Council on April 19, 2021.