Independence Council hears updates on TIF district assessments
By admin on Aug 19, 2010 in Uncategorized
Tax increment financing projects in Independence, sometimes a hot-button topic, prompted no controversy during a Monday night public hearing.
Members of the Independence City Council heard summaries of nine of the city’s 17 TIF projects. Some of the TIF projects discussed Monday caused controversy in the past, such as the Independence Regional Medical Center or “Centerpoint” TIF.
That TIF, approved in 2004, authorized construction of a new hospital in southeast Independence, while closing two existing hospitals.
The new hospital opened in 2007. The current assessed value of the Centerpoint property was $49.8 million, compared to an original assessed value of just more than $44,000, said Cindy Dodson, a member of the city‘s community development department.
Many TIF agreements have a 23-year term. Once they expire, however, taxes will be assessed on the improved properties, ultimately generating more revenues for the various taxing entities.
Dodson gave other examples.
• The 2010 assessed value of Eastland Center, the restaurant and retail district just southeast of Interstate 70/Missouri 291: $15.4 million.
That’s 57 times the original assessed value of $269,000, Dodson said.
• The current assessed value of the Crackerneck Creek TIF area, which includes the new Bass Pro Shops store: $11.6 million. That’s 36 times the property’s original assessed value of $323,663, Dodson said.
• The 2010 assessed value of the Drumm Farm TIF area, which includes a golf course and single-family villas near the site of the longtime Independence youth home: $6.9 million. That’s close to 23 times higher than the original assessed value of $305,964.
In many TIF projects, municipalities agree to capture some of the projected property tax revenues and devote that money to improvements or upgrades associated with the project.
Critics of TIF financing in past years have criticized specific projects, such as Centerpoint. Those objecting to the new southeast Independence hospital cited the challenge of emergency access for those living in other parts of the city.
Robert Heacock, Independence city manager, noted Monday night that many TIF reimbursement costs were devoted to public infrastructure improvements. About 82 percent of the $44 million in reimbursable costs for the Centerpoint TIF, for instance, were devoted to such improvements, which will help improve access to the facility.
Still others have criticized the approval of several TIF projects in southeast Independence, at the possible expense of other parts of the city.
But several development projects in southeast Independence, Heacock said, faced extraordinary costs associated with rock and alluvial soil in the area.
Tax increment financing helped developers seeking a more “level playing field,” he said.
Dodson also gave updates for specific projects within some TIF districts.
An agreement has been reached for a new Cheddar’s restaurant in the Crackerneck Creek TIF district.
A seven-story Drury Inn, scheduled for the Trinity TIF district just southeast of Interstate 70 and Little Blue Parkway, should be completed by the 2011 hockey season, Dodson said. The hotel would be close to the new Independence Events Center, home of the Missouri Mavericks hockey team.
Also, construction of a satellite location for Children’s Mercy Hospital, long discussed for the Trinity area, is expected to begin in 2011, Dodson.said.
Completion is expected the following year.
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