committeesub
[COMMITTEE SUBSTITUTE FOR] ORDINANCE NO. 250643
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Sponsor: Councilmember Andrea Bough
COMMITTEE SUBSTITUTE
Amending Chapter 2, Code of Ordinances entitled "Administration" by enacting a new Section 2-1972 entitled "Surplus TIF Revenue Policy"; and directing the City Manager to work with the Economic Development Corporation to achieve certain objectives related to semi-annual review of TIF plans.
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WHEREAS, pursuant to the Real Property Tax Increment Allocation Redevelopment Act Section 99.800 to 99.865 of the Revised Statutes of Missouri, as amended, the ("TIF Act") the City has approved 89 Tax Increment Financing (TIF) Plans; and
WHEREAS, pursuant to the TIF Act up to 50% of the incremental economic activity taxes (EATs) and 100% of the Payments in-Lieu of Taxes (PILOTs) generated within TIF redevelopment project areas ("TIF Revenues") may be captured for up to 23 years; and
WHEREAS, TIF for a project area may also be terminated at such time as when all reimbursable project costs have been reimbursed; and
WHEREAS, at such time that a redevelopment project area is either expired or terminated, the redevelopment project area may have remaining TIF Revenues within the Special Allocation Fund which shall be returned to the taxing districts as surplus revenue; and
WHEREAS, pursuant to Second Committee Substitute for Ordinance No. 160383, As Amended, PILOTs distributed to and retained by the City shall be deposited into the Shared Success Fund, unless otherwise budgeted, or subject to the remaining limitations included in Section 15 therein; and
WHEREAS, Ordinance No. 240323, As Amended, authorized a contract with Angelou Economics for the creation of a comprehensive economic development policy and strategic plan and Ordinance No. 240696 expressed the intent of the City Council to incorporate equitable economic development strategies in the comprehensive economic development policy; and
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