East side TIF District

[chaglang]

There was a letter from the EDC in my mailbox yesterday about a TIF district proposed for the area between Harrison, US-71, 27th, and 47th. Details:
- Captured money could be used for minor home repair, commercial building rehab grants, new residential construction, and public infrastructure. But the selection of programs hasn't been finalized yet;
-Eminent Domain will not be allowed through the plan. I assume that this means that developers couldn't use money from a TIF-backed loan for eminent domain, and not that projects receiving TIF district money couldn't use eminent domain thru LCRA or PIEA;
-The source of the funding is the economic activity taxes (the KCMO earnings tax, essentially) generated by the KSCD relocation to 28th and Troost. Given the KCSD's recent opposition to TIFs, this made me chuckle.

Public meeting is 6:30 on Monday, 11/28, at the Mohart Center, 3200 Wayne.

[KCtoBrooklyn]

Article from the BizJournal: http://www.bizjournals.com/kansascity/n ... posal.html

The TIF district is expected to immediately generate $500,000 a year, largely from diversion of earnings tax revenue collected from employees at Kansas City Public Schools' headquarters, which recently moved from 12th and McGee streets in Downtown to buildings the district bought and renovated at 29th Street and Troost Avenue.

Moye said the TIF revenue, which probably would increase as a result of additional retail development along Troost and the Paseo, would be used for infrastructure and other public improvements, commercial facade improvements and a housing program "yet to be defined."

The housing program, Moye said, could be similar to the Rehabilitation Assistance for Midtown Properties program, which uses TIF revenue to help homeowners with repairs in the Longfellow, Beacon Hill, Squire Park and Manheim Park neighborhoods and other parts of Midtown.