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Council approves Bayser Town Center TIF fund to track redevelopment revenues
Summary
The council unanimously approved Ordinance 9-52 to establish the Bayser Town Center Tax Increment Financing (TIF) Fund so the city can track revenues and expenditures from approved projects in the BTC TIF district near 155th and Basehor Boulevard.
Deputy City Administrator Maddie Bowden presented Ordinance 9-52, proposing a special fund for the Bayser Town Center Tax Increment Financing (BTC TIF) district that the council approved in 2023.
Bowden told the council the fund would allow staff to "appropriately track all the revenues and expenditures" associated with project increments and to ensure consistency with existing development agreements. "In consultation with our auditors and also our financial advisor, we thought it would be the best approach to establish a fund," Bowden said.
Council member Cherry moved to approve Ordinance 9-52; the motion was seconded and the council voted 4–0 to adopt the ordinance. Bowden said the TIF district covers roughly the area around 155th and Basehor Boulevard and the fund will help the city allocate increment revenues in accordance with development agreements as projects move forward.
