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TIF group set to review plans
Comments 0 | Recommend 0New commission to ponder feasibility of redevelopment district
A group tasked with studying a tax increment financing district for Sedalia is scheduled to have its first meeting Monday.
The newly formed TIF Commission is set to meet at 6 p.m. in the council chambers in City Hall, 200 S. Osage Ave. The meeting is open to the public.
The commission is to review the TIF redevelopment plan and make recommendations to the council whether to continue the project. The proposed district includes downtown, the Katy Depot, the former Sutherlands property on East Broadway Boulevard and the shopping center in the 700 block of East Broadway, where Woods Supermarket recently relocated.
Previously, the council awarded a contract to St. Louis firm Peckham, Guyton, Albers and Viets to research the potential for a TIF district and develop the plan.
Sedalia Mayor Bob Wasson appointed, and the City Council approved, these appointments to the commission: Mark Mason, of Union Savings Bank; Brian Smith, of Coil Construction; architect George Esser; Planning and Zoning Commission member Jim Donaldson; Stafford Swearingin; and Park Board member Dan VanDyne.
The Sedalia School District 200 Board of Education appointed Superintendent Dr. Harriet Wolfe and board President Kenny Coffelt.
Pettis County commissioners appointed Jason Kempton and businesswoman Barbara Hayden.
Other taxing districts appointed Ann Graff, executive director of the Missouri Valley Community Action Agency.
Under a Tax Increment Financing district, the city can freeze assessed property values for up to 23 years. When property taxes increase during that time, as a result of higher property values, that money is put into a special account to use for redevelopment in the area. Half of new sales taxes generated in the district are also set aside for redevelopment.
A TIF district does not mean a tax hike. It collects increases in existing taxes over the 23 years due to redevelopment.
The agenda for Monday’s meeting includes selection of officers, adoption of bylaws, presentation of the proposed redevelopment plan and a timeline for the plan.
