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Committee moves to dissolve six completed or matured TIF special-allocation funds
Summary
The committee recommended Board Bill 121, which dissolves six special allocation TIF funds and terminates certain redevelopment-area designations, after the comptroller’s office said the projects are complete or notes matured and taxes will revert to taxing jurisdictions.
St. Louis — The Housing, Urban Development and Zoning Committee on Jan. 27 recommended Board Bill 121, a technical package to repeal ordinances that created six special allocation TIF funds whose notes have matured or projects have completed, allowing tax flows to return directly to the taxing jurisdictions.
Tom Ray of the comptroller’s tax-increment financing section told the committee that the projects in question either completed their work or reached maturity on their TIF notes; once repealed, taxes previously captured for the TIFs will be collected and distributed to the normal taxing districts. Chair Clark Hubbard read the bill’s summary and staff answered procedural questions about the list of redevelopment areas being closed.
Committee members had no substantive objections and moved the bill out with a due-pass recommendation by voice vote.
