Forum to present alternatives to tax increment financing

3 months 5 days 19 hours ago Tuesday, May 16 2017 May 16, 2017 Tuesday, May 16, 2017 12:30:00 AM CDT May 16, 2017 in News
By: Joey Schneider, KOMU 8 Reporter
loading

COLUMBIA - The Show-Me Institute, a Missouri-based policy organization, will hold a forum regarding state tax increment financing (TIF) on Tuesday. 

Patrick Tuohey, the Western Field Manager for the Show-Me Institute, said he is concerned with how property taxes are redirected to project developers rather than assisting public schools, libraries, and city and county services.

The organization could suggest ideas for TIF reform in the forum, such as reducing TIF subsidies or creating more county-based TIF commissions.

“The problem in Missouri is that a TIF is rarely ever used in legitimately blighted or economic suffering areas,” Tuohey said. “I think there are a number of reform opportunities, and I am hopeful that the legislature will consider more of them next year.”

The forum will take place less than 24 hours following a city council work session regarding a TIF application in support of Broadway Hotel expansion.

If Columbia’s tax increment finance commission receives and approves the city council’s application, TIF support would contribute to nearly 10 percent of the $20 million project. The funds would help Broadway Hotel add a second tower and more meeting space.

Michael Trapp, second ward city council representative, said the Broadway Hotel project would offer several benefits to the city, including the potential to expand downtown, create jobs and reduce poverty within the African-American demographic.

“I believe that a downtown conference center and hotel expansion is going to be great for the city,” Trapp said. “It allows people to really get to see the heart of Columbia, and it accentuates value to downtown in a way that makes it worth forgoing those tax revenues.”

Tuohey said he thinks the intent for TIF planning is reasonable and said he is not concerned with the city council following legal standards for the Broadway Hotel’s TIF. But he does not think it is necessary to redirect public funds into the project.

“Judging by the application, I don’t see that there is a real need for public subsidy,” Tuohey said. “If this hotel expansion is a good idea, then the private developers should develop private land, and there’s no need for taxpayers to chip in.”

Trapp said TIF planning might present more concerns at the state level based on risks taken from Missouri TIFs outside of Columbia. He does not think Columbia is in a situation where it may need to risk city funds.

“If the project somehow doesn’t come to success, we’re not carrying any of that risk,” Trapp said. “If it is successful, I think we are going to see economic activity that more than compensates for the potential reduction in revenue.”

Tuesday’s Show-Me Institute forum will take place at the Country Club of Missouri at 7:30 a.m.

The organization will continue its forum, Missouri’s Misuse of Economic Development Subsidies, with presentations in Springfield and Kansas City before the end of the month.

More News

Grid
List
BOONE COUNTY - Columbia Police arrested a man Sunday night after a standoff that began in the afternoon, according to... More >>
3 hours ago Sunday, August 20 2017 Aug 20, 2017 Sunday, August 20, 2017 11:39:51 PM CDT August 20, 2017 in Continuous News
CALLAWAY COUNTY - While many people are preparing to look into the sky for the eclipse Monday, one airport is... More >>
9 hours ago Sunday, August 20 2017 Aug 20, 2017 Sunday, August 20, 2017 6:01:00 PM CDT August 20, 2017 in News
FERGUSON (AP) — A Missouri lawmaker who temporarily posted a Facebook comment expressing hope that President Donald Trump would be... More >>
11 hours ago Sunday, August 20 2017 Aug 20, 2017 Sunday, August 20, 2017 3:51:00 PM CDT August 20, 2017 in News
COLUMBIA - The total solar eclipse is coming on the fifth day of school, and Columbia teachers are trying to... More >>
12 hours ago Sunday, August 20 2017 Aug 20, 2017 Sunday, August 20, 2017 2:38:00 PM CDT August 20, 2017 in News
COLUMBIA - Researchers are getting ready for the solar eclipse on Aug. 21. Not only will they be watching the... More >>
13 hours ago Sunday, August 20 2017 Aug 20, 2017 Sunday, August 20, 2017 1:22:00 PM CDT August 20, 2017 in News
KANSAS CITY (AP) — Police in Kansas City say a man pushing his disabled car on Interstate 70 was killed... More >>
14 hours ago Sunday, August 20 2017 Aug 20, 2017 Sunday, August 20, 2017 1:14:03 PM CDT August 20, 2017 in News
ST. LOUIS (AP) — Police say a man was injured when a St. Louis sidewalk collapsed under the forklift he... More >>
14 hours ago Sunday, August 20 2017 Aug 20, 2017 Sunday, August 20, 2017 1:09:41 PM CDT August 20, 2017 in News
FLORISSANT (AP) — The parents of a 4-year-old girl are calling for the closure of a suburban St. Louis day... More >>
14 hours ago Sunday, August 20 2017 Aug 20, 2017 Sunday, August 20, 2017 12:37:23 PM CDT August 20, 2017 in News
KANSAS CITY (AP) — Parks officials in Kansas City, Missouri, say an 83-year-old Confederate memorial will be removed after it... More >>
15 hours ago Sunday, August 20 2017 Aug 20, 2017 Sunday, August 20, 2017 11:17:00 AM CDT August 20, 2017 in News
ST. LOUIS (AP) — Pastor Henry Price of St. Louis is ready to take your prayer request, and you don't... More >>
16 hours ago Sunday, August 20 2017 Aug 20, 2017 Sunday, August 20, 2017 10:42:11 AM CDT August 20, 2017 in News
FERRELVIEW (AP) — A member of a small western Missouri town's governing board is leading an effort to oust the... More >>
16 hours ago Sunday, August 20 2017 Aug 20, 2017 Sunday, August 20, 2017 10:20:36 AM CDT August 20, 2017 in News
CUBA (AP) — Democratic Missouri Sen. Claire McCaskill is holding another round of town halls in rural, Republican strongholds as... More >>
17 hours ago Sunday, August 20 2017 Aug 20, 2017 Sunday, August 20, 2017 9:56:21 AM CDT August 20, 2017 in News
JEFFERSON CITY – In preparation for a large number of visitors to Missouri for Monday's solar eclipse, the State Emergency... More >>
1 day ago Saturday, August 19 2017 Aug 19, 2017 Saturday, August 19, 2017 11:49:00 PM CDT August 19, 2017 in News
JEFFERSON CITY - The incoming freshmen at Blair Oaks High School will become the first class to not have a... More >>
1 day ago Saturday, August 19 2017 Aug 19, 2017 Saturday, August 19, 2017 8:59:00 PM CDT August 19, 2017 in News
COLUMBIA – Angela Speck, the director of astronomy at the University of Missouri, gave a presentation titled, "Doing Science in... More >>
1 day ago Saturday, August 19 2017 Aug 19, 2017 Saturday, August 19, 2017 4:36:00 PM CDT August 19, 2017 in News
PIKE COUNTY, Mo. - A man was charged with first degree murder and armed criminal action after Alexander Koch died... More >>
1 day ago Saturday, August 19 2017 Aug 19, 2017 Saturday, August 19, 2017 4:32:00 PM CDT August 19, 2017 in News
COLUMBIA - With mid-Missouri preparing for the upcoming eclipse on Monday, Laws Observatory played host to an event made to... More >>
1 day ago Saturday, August 19 2017 Aug 19, 2017 Saturday, August 19, 2017 3:18:00 PM CDT August 19, 2017 in News
ST. LOUIS (AP) — A former school bus driver in eastern Missouri has been sentenced to 20 years in prison... More >>
1 day ago Saturday, August 19 2017 Aug 19, 2017 Saturday, August 19, 2017 1:58:58 PM CDT August 19, 2017 in News
Columbia, MO
Broken Clouds 72°
4am 76°
5am 75°
6am 75°
7am 73°

Select a station to view its upcoming schedule:

Coming Up Next

3:00a
Paid Program
3:30a
Paid Program
4:00a
Early Today
3:00a
Paid Program
3:30a
Paid Program
4:00a
Paid Program

Tonight's Schedule

7:00p
American Ninja Warrior
9:00p
Midnight, Texas
7:00p
Supergirl
8:00p
Hooten & the Lady
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld