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Grain Valley dissolves Mall at Snibar TIF, approves ordinance 24-70
Summary
The Board of Aldermen voted to terminate the Mall at Snibar tax increment financing (TIF) area, dissolve its special allocation fund and adopt Ordinance 24-70 to close out the project area.
The Grain Valley Board of Aldermen on Tuesday approved an ordinance terminating the Mall at Snibar redevelopment project area and dissolving its special allocation fund, marking the closeout of that TIF plan.
The board completed both the first and second readings of Bill B25-09 and approved it as Ordinance 24-70. A city staff presentation said the Old Town Marketplace area (at the southwest corner of Eagles Parkway and Buckner Tarsney) is reaching the end of its statutory TIF period, and the bill starts the administrative process to end the designation and return taxing authority to the underlying tax roll.
Staff described projected sales-tax receipts from the area as approximately $100,000 across jurisdictions, with property-tax proceeds spread among multiple jurisdictions; the city's portion of property-tax revenue was not specified during the meeting. The staff presentation noted the city's share of collected tax increment had been about 11% to 12% of total receipts to-date.
The second reading was approved by roll call with aldermen voting yes, and the ordinance was adopted.
The board said the double reading was administrative and timed to wait as long as possible before final closeout of the TIF area.
