Downtown Revitalization
Downtown Tax Increment Financing (TIF) Plan
History
The Downtown Tax Increment Financing (TIF) Plan was created as a mechanism to fund the implementation of the Kirksville Downtown Improvement Plan (KDIP). The KDIP was completed in 1999 after much public input was sought and incorporated, along with City staff recommendations. The Plan looks at the assets and issues in Kirksville's Downtown and makes recommendations for improvements for future development.
In order to fund the projects outlined in the KDIP, the TIF enables the City to use revenues generated from Payments in Lieu of Taxes (PILOTs) resulting from increased assessed valuation on new development (property taxes); as well as Economic Activity Taxes (EATs) resulting from increased economic activities (sales taxes) in the TIF area for projects. TIF funds can only be used for public infrastructure improvements in the TIF area. The idea is that the completion of public improvements will encourage private investment by property owners as well as drawing new developers to the area. These improvements will generate additional sales in the area resulting in additional sales tax revenue as well as increased overall property value, resulting in additional property tax collection.
TIF Commission
The TIF Commission is composed of 11 members. Six members of the Commission are appointed by the City Council, two members are appointed by the Adair County Commission, two members are appointed by the Kirksville School Board, and one member is selected from the other taxing districts. The six members appointed by the City Council are there to represent the interests of the City and are eligible to vote on any and all matters before the Commission. The members appointed by the school district and other taxing districts are there to give input as to the affect projects may have on their future tax collections, and they may only vote on matters specifically and directly relating to the redevelopment plan, redevelopment project or redevelopment area upon which their affected taxing district levies taxes. The TIF Commission reviews projects and make recommendations to the City Council for their final approval.
Projected Cash Flows for the TIF
Conservative estimates for future TIF revenues have been projected. Starting in the year 2000, when the first TIF revenues were collected through year 2022 when the TIF will expire, the City is estimating that the TIF will collect a total of $3.77 million.
Downtown Partners
A group representing entities interested in furthering the downtown, the Downtown Partners, meets to look at the overall needs of the downtown and to prioritize those needs. This group is unique to Kirksville and not something that is required by the TIF plan, but rather something that seems to work well to keep those interested in improving the downtown informed and communicating. The Downtown Partners are representatives from the City of Kirksville, A.T. Still University, Truman State University, Adair County Commission, Kirksville Area Chamber of Commerce, the Kirksville Downtown Improvement Committee, Inc., and Northeast Regional Medical Center. The projects identified and the priorities established by the Downtown Partners are discussed with the TIF Commission for their consideration for funding.
Grants Awarded for Downtown Improvements
Important Links
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