Tax Increment Financing (TIF) Information

The City of Lee's Summit grants tax diversion to promote new investment, infrastructure, and job growth by providing financial assistance and incentives to redevelopers.  Created pursuant to Section 99.800 of the Revised Statues of Missouri (RSMo).  State statute authorizes the redirection of the incremental increase in property taxes prior to the development.  State statue also authorizes the redirection of 50% of the incremental increase in taxes generated by economic activities with the project as well.  The maximum term is 23 years.  Per City policy, incentives granted shall be capped at an amount not to exceed 25% of the total private development costs.  To qualify for site specific incentives over the 25% cap, the project must demonstrate extraordinary qualifications.

2017 TIF Annual Statement
NOTICE OF CITY OF LEE’S SUMMIT, MISSOURI

TIF Annual Statement for period ending June 30, 2017
Pursuant to Section 99.865 RSMo, As amended

Chapel Ridge TIF Plan Approved December 7, 2000
Payments in Lieu of Taxes Received as of June 30, 2017 $1,034,143.70
Payments in Lieu of Taxes Expended as of June 30, 2017 $1,038,231.79
Outstanding Bonded Indebtedness as of June 30, 2017 None
Description/Status of the Redevelopment Plan and Projects: All Public Infrastructure improvements have been completed, and, all certified costs have been paid. The TIF is in the process of being terminated.

 

East U. S. Highway 50 Corridor Improvement TIF Plan Approved December 13, 2007
Payments in Lieu of Taxes Received as of June 30, 2017 $1,202,005.29
Payments in Lieu of Taxes Expended as of June 30, 2017 $1,202,005.29
Outstanding Bonded Indebtedness as of June 30, 2017 None
Description/Status of the Redevelopment Plan and Projects: The Plan describes Project Areas 1, 2, 3 and 4. Project Areas 1 and 4 have been designated, and, Project Areas 1 & 4 have been activated. Private Improvements have been constructed on Project Area 1 and Project Area 4. Public Project Improvements have been completed.

 

I-470 Business & Technology Center TIF Plan​ Approved July 27, 2006
Payments in Lieu of Taxes Received as of June 30, 2017 $519,537.19
Payments in Lieu of Taxes Expended as of June 30, 2017 $502,720.78
Outstanding Bonded Indebtedness as of June 30, 2017 None
Description/Status of the Redevelopment Plan and Projects: The sole Project Area designated in the Plan has been activated. Construction of the Private Project Improvements and Public Project Improvements has begun and is continuing.

 

I-470 and View High TIF Plan​ Approved March 10, 2016
Payments in Lieu of Taxes Received as of June 30, 2017 $0.00
Payments in Lieu of Taxes Expended as of June 30, 2017 $0.00
Outstanding Bonded Indebtedness as of June 30, 2017 None
Description/Status of the Redevelopment Plan and Projects: The Plan has been approved, and the Redevelopment Area has been designated. The Developer has been determined and the Development Agreement has been executed.

 

Lee’s Summit East TIF Plan (Summit Fair)​ Approved August 24, 2006
Payments in Lieu of Taxes Received as of June 30, 2017 $1,392,964.18
Payments in Lieu of Taxes Expended as of June 30, 2017 $1,392,964.18
Outstanding Bonded Indebtedness as of June 30, 2017 None
Description/Status of the Redevelopment Plan and Projects: Redevelopment Projects 1 and 2 were activated for Redevelopment Area 1 and Redevelopment Area 5. Construction of the Public Project Improvements has been completed. The Private Development of the Project continues. As of June 30, 2017, Project Area 5 is completed; Project Area 1 was approximately 95% completed. Project Areas 2a and 2b have been activated.

 

Longview Farm TIF Plan​ Approved March 21, 2002
Payments in Lieu of Taxes Received as of June 30, 2017 $232,756.75
Payments in Lieu of Taxes Expended as of June 30, 2017 $0.00
Outstanding Bonded Indebtedness as of June 30, 2017 None
Description/Status of the Redevelopment Plan and Projects: Project Areas 1B, 2C, 3, and 6 have been activated. Some of the original Rehabilitation Projects have been completed and costs paid. The additional Rehabilitation Projects to be completed under the amended TIF Plan and the funding source for the projects have been identified.

 

New Longview TIF Plan Approved December 17, 2015
Payments in Lieu of Taxes Received as of June 30, 2017 $232,756.75
Payments in Lieu of Taxes Expended as of June 30, 2017 $0.00
Outstanding Bonded Indebtedness as of June 30, 2017 None
Description/Status of the Redevelopment Plan and Projects: Private Development has been commenced. The Public Rehabilitation Projects have been identified.

 

Ritter Plaza TIF Plan Approved November 15, 2007
Payments in Lieu of Taxes Received as of June 30, 2017 $ 59,485.89
Payments in Lieu of Taxes Expended as of June 30, 2017 $73,917.62
Outstanding Bonded Indebtedness as of June 30, 2017 None
Description/Status of the Redevelopment Plan and Projects: The sole Project Area designated in the Plan has been activated. Construction of the Public Project Improvements is substantially completed. Private Development of the Project is continuing.

 

The information supplied is on the cash basis for receipts and disbursements.