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Smithville finance director reports Marketplace TIF assessed valuation far ahead of projections
Summary
Finance Director Rick Welch told the Smithville Board of Aldermen that Tax Year 2024 assessed valuation for the Smithville Marketplace TIF reached $6,075,540, surpassing the TIF Plan projection. He also updated the Board on CID sales tax performance and construction at the 110 Smithville site.
Finance Director Rick Welch presented the five‑year annual update for the Smithville Marketplace Tax Increment Financing (TIF) district and the Smithville Commons Community Improvement District (CID) during a public hearing at the Board of Aldermen meeting on June 17.
Welch said the TIF Plan (adopted by Ordinance No. 2969‑17 on Aug. 1, 2017) designated a redevelopment area of about 66.3 acres between Cliff Drive and U.S. Highway 169. He reported that Tax Year 2024 assessed valuation (AV) for the TIF district is $6,075,540—an amount Welch said eclipses the plan’s projection for 2040. He attributed the growth to redevelopment and new commercial occupants in the Marketplace area.
The report listed active businesses in the TIF area, including Scooter’s Drive‑Thru Coffee, Taco Bell, Domino’s Pizza, T‑Mobile, Cosentino’s Price Chopper, Porter’s Ace Hardware, Burger King, Jimmy John’s and Dentistry at Marketplace. Welch noted that some originally proposed uses—such as a tractor and supply store—were not built in the TIF footprint and that projections in the original plan were based on developer estimates.
On revenue items, Welch said Economic Activity Taxes (EATs) declined in FY2024 and FY2025 because of timing of receipts but that staff anticipates roughly $300,000 in EATs for FY2025. He said CID sales tax collections have performed well and are expected to continue growing. The presentation included year‑by‑year AV and PILOT distributions and explained that jurisdictions receive base property tax plus the increment per TIF percentages in the plan.
Welch also provided a construction update for the 110 Smithville project: all foundations are complete, first‑floor steel for commercial spaces is in place, and under‑slab plumbing for the residential structure is underway. He said weather has caused some delays to the critical path but that the Meadow and Mill parking lot work was expected to be completed in July.
The Mayor closed the public hearing at 7:08 p.m. with no public comment. No votes were taken on the TIF report; it was received for the record.
