TIF commission updating projected tax revenue

6 months 3 days 9 hours ago October 20, 2016 Oct 20, 2016 Thursday, October 20 2016 Thursday, October 20, 2016 7:16:00 PM CDT in News
By: Adam Pressler, KOMU 8 Reporter
loading

COLUMBIA - Hotel rooms at the Tiger and Broadway Hotels are keeping the City of Columbia's Tax Increment Financing (TIF) Commission alive despite a halt on all other work.

Lynn Cannon, the assistant Finance Director for the City of Columbia, found multiple errors in TIF projections and has since corrected them for accuracy. 

"The projected numbers that were in the cost benefit analysis were not correct because they were using the wrong tax rate and the assumptions utilized were not necessarily leading to the calculations being done correctly. To put the numbers into perspective to compare them to actual data, I did the correction so we can compare," Cannon said.

Columbia's TIF Commission discussed the corrected projected taxes which should have been captured by the TIF projects. Based on original cost benefit analysis, the Tiger Hotel should have accumulated $71,871.44 in taxes through September. However, it has only captured $71,702.19 though Sept. 30 of this year.

John Clark is one of the city appointed commissioners for the TIF board. He said the adjustments are a result of day-to-day work.

"There had been some developments in the last year where as a result, they looked back and discovered that they had been applying a certain number wrong, and they went back and corrected that. That just happened in the routine course of business," Clark said.

Columbia's TIF is currently unable to create new projects until Jan. 1, 2020 after a Boone County circuit judge ruled against the city on Dec. 16, 2015. 

The ruling stated, "The Court finds that the City of Columbia failed to comply with the reporting requirements imposed in RSMo §99.865.1 and RSMo §99.865.2 a total of between 23-25 times since 2009, with its last violation occurring in calendar year 2014."

Since that ruling the City of Columbia has appealed the decision and is now awaiting a court date.

Cannon said she was is not allowed to comment on current legal preceding but said the TIFs bring revenue to the city.

"They are bringing additional tax revenue into the Columbia area. If those projects were not created, the additional tax revenue would not come to the city. They also help increase the property tax value," Cannon said.

More News

Grid
List
COLUMBIA - Columbia Public School teachers could see a significant increase in salary for the coming school year. The... More >>
35 minutes ago April 24, 2017 Apr 24, 2017 Monday, April 24 2017 Monday, April 24, 2017 7:22:00 PM CDT in News
JEFFERSON CITY (AP) — A Missouri senator says he's moving out of a room he rents from a lobbyist following... More >>
39 minutes ago April 24, 2017 Apr 24, 2017 Monday, April 24 2017 Monday, April 24, 2017 7:17:23 PM CDT in News
JEFFERSON CITY (AP) — The Missouri House has passed stricter requirements for tracking fetal tissue after abortions. The... More >>
44 minutes ago April 24, 2017 Apr 24, 2017 Monday, April 24 2017 Monday, April 24, 2017 7:13:00 PM CDT in News
MID-MISSOURI - There were 36 reported cases of salmonella in Mid-Missouri Monday, with the majority of cases reported out of... More >>
53 minutes ago April 24, 2017 Apr 24, 2017 Monday, April 24 2017 Monday, April 24, 2017 7:04:00 PM CDT in News
COLUMBIA - Columbia Public Works is requesting community members complete a survey on new markings for cyclists at intersections in... More >>
1 hour ago April 24, 2017 Apr 24, 2017 Monday, April 24 2017 Monday, April 24, 2017 6:40:00 PM CDT in News
COLUMBIA - Wind, water and solar power are all elements that usually come to mind when the words 'renewable energy'... More >>
1 hour ago April 24, 2017 Apr 24, 2017 Monday, April 24 2017 Monday, April 24, 2017 6:02:00 PM CDT in News
COOPER COUNTY - Two people died during a plane crash on Highway 98 near Boonville around 1:40 p.m Monday. ... More >>
2 hours ago April 24, 2017 Apr 24, 2017 Monday, April 24 2017 Monday, April 24, 2017 5:03:00 PM CDT in News
ARGYLE - For years, the Rock Island rail line carried trains across Missouri, straight through towns like Eldon, Freeburg and... More >>
4 hours ago April 24, 2017 Apr 24, 2017 Monday, April 24 2017 Monday, April 24, 2017 3:50:00 PM CDT in News
KANSAS CITY (AP) — A teenager who was shot by a Kansas City store clerk who thought the boy was... More >>
4 hours ago April 24, 2017 Apr 24, 2017 Monday, April 24 2017 Monday, April 24, 2017 3:39:00 PM CDT in News
BOONVILLE- What began as a joke between two friends inspired an event that raised money and awareness for a... More >>
5 hours ago April 24, 2017 Apr 24, 2017 Monday, April 24 2017 Monday, April 24, 2017 2:49:00 PM CDT in Continuous News
BALLWIN, Mo. (AP) — St. Louis County authorities are investigating an apparent murder-suicide involving a couple in their 80s. ... More >>
5 hours ago April 24, 2017 Apr 24, 2017 Monday, April 24 2017 Monday, April 24, 2017 2:35:00 PM CDT in News
ST. LOUIS (AP) — Police say a 51-year-old St. Louis-area woman died while she was sleeping when she was struck... More >>
5 hours ago April 24, 2017 Apr 24, 2017 Monday, April 24 2017 Monday, April 24, 2017 2:29:00 PM CDT in News
EUREKA, Mo. (AP) — A Mexican wolf born this month at a wildlife center in suburban St. Louis is offering... More >>
5 hours ago April 24, 2017 Apr 24, 2017 Monday, April 24 2017 Monday, April 24, 2017 2:17:00 PM CDT in News
COLUMBIA - The Boone County Community Services Department recently released its 2016 Annual Report and Program Directory, which highlights where... More >>
6 hours ago April 24, 2017 Apr 24, 2017 Monday, April 24 2017 Monday, April 24, 2017 1:34:00 PM CDT in News
COLUMBIA - President Donald Trump's proposed spending plan for 2018 significantly reduces funding for a range of executive departments, from... More >>
7 hours ago April 24, 2017 Apr 24, 2017 Monday, April 24 2017 Monday, April 24, 2017 12:13:00 PM CDT in News
FULTON - Two men are on the run after assaulting a man in his home and stealing cash and other... More >>
8 hours ago April 24, 2017 Apr 24, 2017 Monday, April 24 2017 Monday, April 24, 2017 11:23:00 AM CDT in News
JEFFERSON CITY - Boone County and Jefferson City discussed an agreement to respond as backup for each other's 911 call... More >>
8 hours ago April 24, 2017 Apr 24, 2017 Monday, April 24 2017 Monday, April 24, 2017 11:07:00 AM CDT in News
COLUMBIA - A new report shows that only about one in every 10 Americans eats enough fruits and vegetables. Just... More >>
8 hours ago April 24, 2017 Apr 24, 2017 Monday, April 24 2017 Monday, April 24, 2017 11:06:00 AM CDT in Weekly Wellness
Columbia, MO
Broken Clouds 74°
8pm 68°
9pm 65°
10pm 63°
11pm 61°

Select a station to view its upcoming schedule:

Coming Up Next

7:00p
The Voice
9:01p
Taken
10:00p
KOMU 8 News @ 10
7:00p
Supergirl
8:00p
Jane the Virgin
9:00p
KOMU 8 News @ Nine on The CW

Tonight's Schedule

7:00p
The Voice
9:01p
Taken
7:00p
Supergirl
8:00p
Jane the Virgin
9:00p
KOMU 8 News @ Nine on The CW
9:30p
Seinfeld