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Commission Recommends I-470 TIF Amendment In...
Commission Recommends I-470 TIF Amendment In Lee's Summit
July 5, 2014
By Mallory Ragan
The tax increment financing (TIF) commission has recommended an amendment to the I-470 Business and Technology Tax Increment Financing Plan to remove a 20-acre parcel of land from the TIF boundaries.
The property owners, represented at the commission’s July 1 meeting by Bill Moore of White Goss Attorneys at Law, requested the change as part of their Chapter 100 application.
“[This change] is to allow my client to be able to seek this other incentive tool without adversely affecting the current TIF plan that is in place,” Moore explained. His client is attempting to close a major tenant, for which tax abatement is required.
Unlike a TIF, which is an economic tool that redirects taxes from the property, Chapter 100 provides tax abatement as allowed by a city-approved application.
Certain changes to approved TIF agreements require a hearing with the TIF commission rather than going directly to the city council for consideration; changing the peripheral boundaries of a TIF is one of those.
As David Bushek of Gilmore & Bell, who presented the application to the commission, noted, in this case it’s more akin to creating a doughnut hole in the TIF property than changing the exterior boundaries.
Bushek stressed that this change will not affect the economics of the TIF by removing a section of property from the agreement.
The amendment recommended by the commission was passed unanimously and will be considered for approval by the city council at a future session.
The Chapter 100 application will also be considered by the city council.