Capital and Economic Development Projects

Overview

• Established by the City on May 18, 1998 pursuant to Ordinance No. 13094
  • TIF will terminate May 17, 2021
• Project consisted a mixed-use development complex containing approximately 60.29 acres and generally located north of Interstate Highway 70 at its intersection with Little Blue Parkway and south of the Little Blue River consisting of the following:
  • 270,000 square feet of new retail/commercial space called the “The Pavilions,” convention center hotel and full-service restaurant, up to 350,000 square feet of office space, up to 40,000 square feet of additional restaurant, professional or office development space, and related public improvements
• The public improvements portion of the project are substantially complete and private improvement portion that has been completed includes Bed, Bath and Beyond, buybuyBaby, Hereford House and a Hilton Garden Inn
• City entered into a Redevelopment Agreement on December 17, 1998
  • A First Amended and Restated Development Agreement was entered into on May 27, 2003

Revenue Sources

• PILOTs: 100% of the incremental increase in property tax revenues resulting from the annual increase in property valuations over the base property valuation certified at project approval.
• EATs: 50% of the incremental increase in local eligible sales tax revenues (City, County, Zoo, 39th Street TDD, Events Center CID) over the base sales levels in the year before TIF collection was activated ($0).