The economic development and business assistance staff work with the Finance and Law departments and the Economic Development Corporation to review projects, determine how much public funding is needed and negotiate the terms and conditions.
When construction of a project starts, staff participate in project management meetings to provide oversight and ensure timely completion.
Economic Development Incentive tools
Payments in lieu of taxes (PILOTS) are the increase in real property assessed values over the most recently assessed value in the year of project area adoption. Visit the Economic Development Corporation for more information.
Tax Increment Financing (TIF)
In accordance with the Real Property Tax Increment Allocation Redevelopment Act, Missouri Revised Statutes, Section 99.845.3, 50 percent of the incremental taxes resulting from economic activities with the redevelopment area shall be made available to the special allocation fund.
According to the statute, “for redevelopment plans and projects adopted or redevelopment projects approved by ordinance after August 31, 1991, 50 percent of the total additional revenue from taxes which are imposed by the municipality or other taxing districts, and which are generated by economic activities within the area of the redevelopment project over the amount of such taxes generated by economic activities within the area of the redevelopment project in the calendar year prior to the adoption of the redevelopment project by ordinance, while tax increment financing remains in effect, but excluding taxes imposed on sales or charges for sleeping rooms paid by transient guest of hotels and motels, licenses, fees or special assessments and personal property taxes, other than payments in lieu of taxes, shall be allocated to, and paid by the collecting officer to the treasure or other designated financial officer to the treasurer or other designated financial officer of the municipality, who shall deposit such funds in a separate segregated account with the special allocation fund.”
For more information, see the Economic Development Corporation or contact the City Finance Department at 816-513-1173.
Chapter 353 Urban Redevelopment
Chapter 353 enables a developer to acquire property using the power of eminent domain. For the first 10 years, the City can abate all taxes with the exception of the taxes on land.
Urban Redevelopment District
Encourages redevelopment of blighted sections of the City and promotes flexibility in design to accommodate plans.
Program designed to attract new businesses and encourage existing businesses to expand or modernize their operations within an area.
Enhanced Enterprise Community
Program directs funding toward areas of Kansas City which are currently experiencing economic and social distress.