|
TAX INCREMENT FINANCE (TIF) COMMISSION
WHAT IS A TAX INCREMENT FINANCE DISTRICT?
A TIF is a special tax district used to promote commercial
and industrial development
WHAT DOES A TIF DO?
A TIF provides financing for Public improvements (sewer,
water, roads, etc.) using new tax revenue created by new,
expanded, or renovated commercial property in a TIF
district, which is defined by the community. A TIF district
can be undeveloped land, a Main Street district, the whole
downtown, a few parcels-whatever the communities chooses.
HOW DOES A TIF WORK?
After defining the TIF district, the current assessed values
and taxes are set as a baseline. Any increase in property
values within the district (through new construction,
expansion, or renovation) will result in an "incremental"
increase in taxes above the baseline. All or part of this
increase is used to pay for infrastructure improvement
(sewer, water, roads, etc.)within the district.
In accordance with Chapter 115,Section 10 of the Code of the
City of Hollister a Tax Increment Financing Commission is
created. This commission seats eleven (11) members,
appointed by the Mayor, with consent of the Board of
Aldermen. City Ordinance and State Statute set the
composition of this Commission. Below is a list of the
required composition of the Commission and the current
member name.
For further information contact:
|
Rick Ziegenfuss City Administrator Phone: 417-335-5327
Hollister Town Hall Fax: 417-339-3095
Location: 312 Esplanade Street
Hollister, MO 65672
Mailing Address:
City of Hollister P.O. Box 638
Hollister, MO 65673
Email:
administrator@cityofhollister.com
|
|
