Capital and Economic Development Projects

Overview

• Established by the City on December 20, 2007 pursuant to Ordinance No. 16905
  • CID will terminate in 2042
• Consists of approximately 1,294 acres generally located at the intersection of I-70 and Highway 291
• Successful election approving a district-wide sales tax at the maximum rate of 1% sales tax for a period of 35 years on February 26, 2008
  • Qualified voters voted to impose the sales tax in increments of 1/8th of 1%
  • The CID passed Resolution No. 2008-04 on March 5, 2007 setting the initial sales tax at 1/2th of 1% (0.5%) beginning July 1, 2008
  • The CID intended to impose the sales tax at the rate of 0.5% for a period of 20 years and then increasing the sales tax to a rate of 0.625% for a period of fifteen years
    • The CID may impose the sales tax in increments of 1/8th of 1% up to the maximum of 1%
• In 2011, the CID authorized an increase of the sales tax to 0.75% (effective July 1, 2012) to account for lower than expected retail sales; sales tax increased to 1% on January 1, 2019
• Sales Tax rate may be increased if necessary, up to the maximum of 1% to pay debt service on any of the outstanding bonds
• Public improvements consisted of the following:
  • Events Center
  • Property acquisition
  • Improvements to internal, collector, and arterial roads and highways
  • Streetscape, curbs, gutters, sidewalks, ramps, benches and lighting
  • Transportation services stops
  • Traffic signals
  • Parking structures and lots
  • Landscaping and other aesthetic improvements
  • Sewer system facilities and infrastructure
  • Water system facilities and infrastructure
  • Water drainage and detention facilities
  • Signage
  • Site preparation
• District services to include providing for, or contracting for and funding or assisting in the funding of, the IndeBus System in coordination with the Crackerneck Creek TDD
• City entered into a Cooperative Agreement in 2008 with the Independence Events Center CID and have entered into an amendment in 2017
  • CID covenanted, subject to annual appropriation by the CID Board of Directors, to remit moneys it receives from the sales tax to the City for repayment of the outstanding bonds less the following:
    • Any amount paid under protest until the protest is withdrawn or resolved
    • Such amount as is retained by the State of Missouri for collecting the sales tax
    • Any sum received by the CID which is the subject of a suit or other claim communicated to the CID
    • An administration fee payable to the City in the amount of 2% of the total sales tax , plus any actual costs and expenses incurred by the City
    • One-time payment of $1,200 to reimburse the City for administrative set-up
    • Actual, reasonable operating costs of the CID
    • Any costs and expenses incurred in connection with any collection or enforcement issues associated with the sales tax

Revenue Sources

• SALES TAX: Up to 1.0%; currently 0.75%; terminates in 2042
• EATs: A pledge of 50% of the incremental increase in local eligible sales tax revenues generated by the Independence Events Center CID sales tax over the base sales levels in the year before TIF collection was activated in the following TIF Redevelopment Areas:
  • Centerpoint TIF
  • Hartman Heritage TIF
  • Trinity TIF
  • Eastland TIF

Outstanding Economic Development Bonds for Independence Events Center: