Features-TIF-TigerHotel-Broadway-HotelTax-UsingTif-SidebarClickthruAbove, you see Johnny D. Veloper. Johnny wants to use tax-increment financing to build his new development. What does Johnny have to do?

 

  1. Apply: Johnny will have to fill out an application with the city. The application will ask for many things, including the condition of the property Johnny is developing, why TIF is needed and what community benefits the TIF project will have.

 

  1. Get approval: Johnny’s application will be vetted by the TIF Commission, a group of representatives from different taxing entities, and the city council.

 

  1. Build the property: Johnny will be responsible for developing the property as outlined in his proposal. This includes finding other forms of financing besides TIF.

 

  1. Generate higher assessed value: Johnny won’t start receiving TIF funds until his developed property passes a certain assessed value threshold — also known as a tax increment. Once Johnny’s property becomes valuable enough, he will start receiving money from TIF.

 

  1. Collect and use the agreed-upon amount: Johnny’s TIF will only pay out however much is outlined in his application. After that, the TIF period is over and Johnny will have to pay regular taxes on the property.

 

Disclaimer: Johnny D. Veloper may have to wait a few years — as of this writing, the city can’t permit any new TIF projects until 2020.

Recent News

Women Entrepreneurs: Creating the Brand

This post is the third in a four-part series about creating a new entrepreneurship program, the Missouri Women’s Business Center, while simultaneously helping entrepreneurs...

Finding Your Civic Voice on Predatory Lending

  Missouri has some of the laxest state regulations in the country on short-term loan companies offering quick-cash, payday, installment, or title loans —...

Vacant Lot? More Like a Park in Waiting.

  One thing we heard loud and clear at our planning open house for The Loop was the desire for more public space. I...

Press Release: The Business Times Company Leadership Changes

FOR IMMEDIATE RELEASE   COLUMBIA — The Business Times Company is proud to welcome Breck Dumas as the new editor of its flagship publication,...

A Day in the Life of Mid-Missouri Farmer Doug Nichols

This story originally appeared in print as part of “The Journey from Farm to Table”   Doug Nichols is the owner of Cloverleaf Farms....