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Smithville staff reports Marketplace TIF outpacing projections; CID and sales tax tracking higher than expected
Summary
City staff told the Board of Aldermen the Marketplace TIF, created in 2017, now covers about 66 acres and has produced roughly $6 million more assessed value than the developer projected; officials also reported steady CID and sales‑tax performance and a timeline for the 110 Smithville project.
An unidentified city presenter told the Smithville Board of Aldermen that the Marketplace tax increment financing (TIF) plan, established in August 2017, now covers just over 66 acres and is generating more value than originally projected. “The marketplace TIF plan started in August of 2017, covers just over 66 acres,” the presenter said during the board’s annual update.
The presenter said the TIF baseline assessment goes back to about $52,430 and that assessed valuations have already exceeded the developer’s original projections by roughly $6…
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