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Independence holds statutorily required public hearing on three TIF districts; Santa Fe bonded debt remains
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Summary
City staff held the required five‑year TIF review hearing for three districts (Old Landfill/Stone Canyon, Trinity and Santa Fe). Santa Fe, a bonded TIF terminated in June, carries an outstanding bonded obligation staff estimated at roughly $6.3–$6.8 million; staff said revenues rolled back to tax rolls will be used to help pay that debt.
The Audit & Finance Committee convened a public hearing required under state law to review three tax‑increment financing (TIF) districts: the Old Landfill (Stone Canyon), Trinity and Santa Fe.
Tom Skenel, the city's community and economic development director, told the committee the hearing is informational under Missouri law (referencing section 99.865) and that no council action was required at the meeting. "This is spelled out in state statutes in section 99.865," Skenel said as he opened the presentation.
The Old Landfill/Stone Canyon TIF, north of I‑70 near Mize Road, encompasses about 365 acres. The redevelopment plan approved in 2005 envisioned reclaiming the closed, capped landfill and constructing roughly 225 single‑family executive‑style homes and an 18‑hole golf course. The TIF was set for a 23‑year term; it captures 50% of the sales tax generated within the district and 100% of property tax from that property. When approved the total anticipated project cost exceeded $117 million and reimbursable project costs were just over $14 million; Skenel said roughly $3.6 million has been reimbursed to the developer to date.
The Trinity TIF, south of I‑70 along Little Blue Parkway, covers about 17.5 acres. The approved plan included roughly 33,000 sq ft of restaurant space, 98,000 sq ft of general commercial space and about 50,000 sq ft of Class‑A office space. Approved in 2005 for a 23‑year term, it was structured as pay‑as‑you‑go; Skenel reported reimbursable costs at approval of just under $7.8 million and reimbursements paid to date of about $4.8 million.
Santa Fe, on Nolan Road just south of Fair Street, was a bonded TIF approved in 2000 for 23 years. The plan included about 220,000 sq ft of retail and eight residential units; Skenel said this TIF was terminated earlier this year (June). He reported the TIF had an approved incentive (bonding) level of $7.5 million and—citing finance staff—an outstanding bonded balance that staff estimated in the range of $6.3 million to $6.8 million; he asked finance to confirm the precise balance.
Council member Pierce supplied the committee's debt‑service schedule for Santa Fe: roughly $4.0 million in outstanding principal for the current year, and total remaining principal plus interest of approximately $10.3 million with an expected payoff year of 2045. In follow‑up, staff said the yearly principal and interest payment for that bond is about $530,000.
Skenel said that when TIFs expire and roll back onto the tax rolls, the city is earmarking the resulting incremental sales tax and other related receipts into a TIF allocation fund that can be used to pay down outstanding obligations such as the Santa Fe bond and other TIF‑related debts. "As expiring TIFs roll back onto the tax rolls...those funds are earmarked towards debt such as this," he said.
Because the session was held as an informational hearing required by statute, the committee took no formal action. The chair closed the public hearing after questions and directed staff to provide confirmed debt numbers and any follow‑up materials to the committee.
Next steps: staff will provide precise, itemized debt figures for the Santa Fe bonded TIF and present ordinance language to formally terminate pay‑as‑you‑go TIFs after they reach their statutory term when those items come before the City Council.
