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Council ends Santa Fe Trail TIF; city to hold reserve to continue debt service
Summary
The council unanimously approved ordinance 25-038 terminating tax increment financing in the Santa Fe Trail redevelopment area and discussed how incremental taxes and remaining debt will be handled; the city will place its incremental share into a reserve to continue paying debt service so no general-fund appropriation is required.
The Independence City Council on June 16 unanimously approved ordinance 25-038 to terminate the tax increment financing (TIF) designation for the Santa Fe Trail redevelopment area and authorized related actions.
City officials explained how TIF works and what termination means for taxing jurisdictions and remaining debt. "When a tax increment financing project is approved, whatever taxes are being generated at that site before the project starts are frozen at that moment in…
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