Local Tax Increment Financing (Local TIF) permits the use of a portion of local property and sales taxes to assist funding the redevelopment of certain designated areas within a community. Areas eligible for Local TIF must contain property classified as a "Blighted", "Conservation" or an "Economic Development" area, or any combination thereof, as defined by Missouri Statutes.
TIF may be used to pay certain costs incurred with a redevelopment project. Such costs may include, but are not limited to:
The idea behind Local TIF is the assumption that property and/or local sales taxes will increase in the designated area after redevelopment, and a portion of the increase of these taxes collected in the future (up to 23 years) may be allocated by your municipality to help pay the certain project costs, partially listed above.
The governing body of the municipality is required to establish a TIF Commission, composed of certain members including representatives of other local taxing authorities within the redevelopment project area as defined by state statute. The municipality is also responsible for the approval of ordinances that establish a comprehensive Redevelopment Plan, and for approval of the specific TIF Redevelopment Project. Other responsibilities of the TIF Commission include holding required public hearings, preparing documents to justify the need for TIF and other duties as required by state statutes governing Local TIF projects.
The City has established a TIF Policy per state statute. Below you will find a link to the Economic Development Policy, which includes TIF Policy and Application for TIF funding.
The City is required to submit an annual report, to the Missouri Department of Revenue, of all local TIF districts in the municipality. Below you will find links to past Missouri TIF Reports.