Progress is ongoing among nine of the 17 active tax increment financing projects in Independence.
As required by Missouri statutes, TIF projects must receive five-year review updates, and the following nine projects received their updates at Monday night’s Independence City Council meeting: Independence Regional Medical Center, Eastland Center, Old Landfill, Crackerneck Creek, Golf Strategies, Midtown Truman Road Corridor, Mount Washington, North Independence and Trinity.
A full public hearing took place on the projects, though no members of the public spoke in favor of or against the projects. State statute requires that a TIF project is closed out within 23 years.
City Manager Robert Heacock said TIF projects sometimes receive a misleading reputation among residents.
“I think sometimes people hear the word TIF, and they think that signifies some sort of a tax break for a developer and that somehow a city or a jurisdiction is giving away existing tax dollars in order to promote the ambitions of a particular developer,” Heacock said.
With an undeveloped piece of property, Heacock said, “extraordinary costs” are sometimes associated that prevent commercial or other types of development, such as the condition of the land. He said a TIF creates “a level playing field” through the capturing of tax dollars.
“It’s a misnomer when people think that a developer is getting a tax break,” Heacock said. “The reality is the new value is taxed the way that it would be – it’s just that the funds don’t automatically go to all of the jurisdictions the way they normally would.”
Mayor Don Reimal also said many residents have a misunderstanding of what TIF entails.
“It has created, for Independence, a lot of really good shopping and recreation areas,” Reimal said. “I hope we continue to use it with the insight that we have in the past and the caution that we have in the past to keep Independence growing.”
The following are the six most active Independence TIF projects as updated on Monday night:
Independence Regional Medical Center, more commonly known as “Centerpoint”
– The project was adopted in 2004.
– The redevelopment plan included a 257-bed hospital facility, an ambulatory surgery center, a medical office building, public road improvements, a building rehabilitation fund, public transportation and public safety facility land.
– The total development costs were $303.3 million with $44.4 million in TIF reimbursable costs (82 percent of TIF reimbursable costs went toward public improvements).
– The TIF project is projected for a 2027 closeout date.
– In the last five years, the hospital, a medical office building and an ambulatory surgery center were completed. The Kansas City Area Transportation Authority Silver bus line to Centerpoint Medical Center was initiated in July, and work is ongoing on 37th Terrace, Little Blue Parkway and Jackson Drive.
Eastland Center
– The project was adopted in 2000.
– The redevelopment mixed-use project included office space; retail, restaurant and shops; hotels; and some residential space.
– The total development costs were $254 million with $42.6 million in TIF reimbursable costs. (Fifty-six percent of TIF reimbursable costs went toward public improvements.)
– The TIF project is projected for a 2022 closeout date.
– In the last five years, the Independence Events Center has opened within this TIF jurisdiction, though it is a city-owned facility. Four new office buildings, one restaurant and medium-density apartments also have opened, and Little Blue Parkway construction continues in this TIF project.
Old Landfill, more commonly known as “Stone Canyon”
– The project was adopted in 2005.
– The redevelopment mixed-use project included an 18-hole golf course; reclamation of two landfills; 225 single-family residences; and the realignment of 39th Street.
– The total development costs were $117.3 million with $14.2 million in TIF reimbursable costs (23 percent of TIF reimbursable costs went toward public improvements, and no reimbursable funds went toward the golf course or for housing construction).
– The TIF project is projected for a 2028 closeout date.
– In the last five years, the landfill was remedied. The 18-hole golf course opened in 2009. Six houses have been constructed, and one house is now under construction.
Crackerneck Creek, more commonly known as “Bass Pro Shops”
– The project was adopted in 2004.
– The redevelopment project plan included Bass Pro Shops; retail and commercial developments; a hotel; a lake, a dam, a waterfall, a park and trails; and multiple infrastructure improvements, including two bridges, roads, curbs, gutters, parking, lighting and utility relocation.
– The total development costs were $171.3 million with $73.5 million in TIF reimbursable costs (more than 93 percent of TIF reimbursable costs went toward public improvements).
– The TIF project is projected for a 2027 closeout date.
– In the last five years, Bass Pro Shops and its restaurant were completed. A waterfall, a lake, a dam, a park and trails also were added. Roadways, curbs, gutters and lighting improvements took place. Hobby Lobby and Mardel opened in 2009, and construction will begin in 30 to 60 days on Cheddar’s Café at the east side of the U.S. 40 entrance, according to Community Development Department Director Jennifer Clark.
Golf Strategies, more commonly known as “Drumm Farm”
– The project was adopted in 1999.
– The redevelopment project plan included 143 single-family villas; public improvements; and an 18-hole golf course, maintenance facilities and clubhouse.
– The total development costs were $39.2 million with $4 million in TIF reimbursable costs (nearly 100 percent of the reimbursable costs went toward public improvements, and no reimbursable costs were used to build the villas).
– The TIF project is projected for a 2022 closeout date.
– In the last five years, the project has seen public improvements and the construction of 117 villas. Lee’s Summit Road improvements also have taken place.
Trinity
– The project was adopted in 2005.
– The redevelopment project plan included retail and restaurants; general commercial; office buildings; a hotel; and public improvements.
– The total development costs were $41.1 million with $7.7 million in TIF reimbursable costs (about half of the TIF reimbursable costs went toward public improvements).
– The TIF project is projected for a 2028 closeout date.
– In the last five years, Corner Café and Arby’s were constructed. A seven-story Drury Inn is now under construction and is projected for completion by the start of the 2011 Missouri Mavericks season, according to city staff. Phase 1 of Children’s Mercy construction at Trinity is scheduled to begin in 2011.
