TIF commission updating projected tax revenue

1 year 9 months 3 weeks ago Thursday, October 20 2016 Oct 20, 2016 Thursday, October 20, 2016 7:16:00 PM CDT October 20, 2016 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
AUDRAIN COUNTY - A man who found a dog "hopping" along Highway 54 with his legs and muzzle taped says... More >>
7 hours ago Monday, August 13 2018 Aug 13, 2018 Monday, August 13, 2018 9:47:00 PM CDT August 13, 2018 in News
COLUMBIA - The Columbia Public Schools Board of Education unanimously approved a 9-cent increase in the operating tax rate ceiling... More >>
9 hours ago Monday, August 13 2018 Aug 13, 2018 Monday, August 13, 2018 8:00:00 PM CDT August 13, 2018 in News
COLUMBIA - Mugs Up Drive In's manager said the restaurant is back in tiptop shape after a power line accident... More >>
10 hours ago Monday, August 13 2018 Aug 13, 2018 Monday, August 13, 2018 6:49:00 PM CDT August 13, 2018 in News
MACON – A viral tweet is prompting the Missouri State Highway Patrol to warn people to call 911 if they... More >>
11 hours ago Monday, August 13 2018 Aug 13, 2018 Monday, August 13, 2018 6:20:00 PM CDT August 13, 2018 in News
COLUMBIA - Living Canvas, a tattoo, body piercing and art gallery on Broadway, is shutting its doors earlier than it... More >>
14 hours ago Monday, August 13 2018 Aug 13, 2018 Monday, August 13, 2018 3:09:00 PM CDT August 13, 2018 in News
COLUMBIA - Columbia City Council members said the city has reached a financial tipping point and now they have until... More >>
15 hours ago Monday, August 13 2018 Aug 13, 2018 Monday, August 13, 2018 2:21:00 PM CDT August 13, 2018 in News
JEFFERSON CITY (AP) — Missouri Democrats have voted to ditch a recently added tenet aimed at welcoming anti-abortion candidates. ... More >>
15 hours ago Monday, August 13 2018 Aug 13, 2018 Monday, August 13, 2018 2:05:07 PM CDT August 13, 2018 in News
MEXICO - Gov. Parson is traveling through the northeastern part of Missouri this week and he started his travels in... More >>
15 hours ago Monday, August 13 2018 Aug 13, 2018 Monday, August 13, 2018 1:44:00 PM CDT August 13, 2018 in News
MISSION HILLS, Kan. (AP) — A couple from a Kansas City suburb alleges that a $90 million billing scheme found... More >>
17 hours ago Monday, August 13 2018 Aug 13, 2018 Monday, August 13, 2018 12:03:00 PM CDT August 13, 2018 in News
COLUMBIA (AP) — Missouri taxpayers may be covering $884,000 in legal fees for a Columbia church's U.S. Supreme Court case... More >>
17 hours ago Monday, August 13 2018 Aug 13, 2018 Monday, August 13, 2018 11:28:00 AM CDT August 13, 2018 in News
JEFFERSON CITY (AP) — A ballot measure attempting to limit union powers helped drive Missouri's largest voter turnout for a... More >>
18 hours ago Monday, August 13 2018 Aug 13, 2018 Monday, August 13, 2018 11:20:58 AM CDT August 13, 2018 in News
(CNN) -- The FBI has fired Peter Strzok, an agent who was removed from the Russia probe last year for... More >>
18 hours ago Monday, August 13 2018 Aug 13, 2018 Monday, August 13, 2018 11:11:24 AM CDT August 13, 2018 in News
(CNN) -- President Donald Trump said it's "great" that consumers might boycott Harley-Davidson if it moves some motorcycle production overseas.... More >>
18 hours ago Monday, August 13 2018 Aug 13, 2018 Monday, August 13, 2018 11:07:39 AM CDT August 13, 2018 in News
ST. LOUIS (AP) — A new state law aims to reduce the number of Missouri residents driving vehicles with expired... More >>
18 hours ago Monday, August 13 2018 Aug 13, 2018 Monday, August 13, 2018 11:02:50 AM CDT August 13, 2018 in News
CAPE GIRARDEAU (AP) — A 10-week-old Missouri girl has died after being left inside a hot vehicle. The Southeast... More >>
18 hours ago Monday, August 13 2018 Aug 13, 2018 Monday, August 13, 2018 10:56:06 AM CDT August 13, 2018 in News
COLUMBIA - Officials say a house caught fire Sunday afternoon because of improperly disposed smoking materials. Three people were... More >>
19 hours ago Monday, August 13 2018 Aug 13, 2018 Monday, August 13, 2018 10:20:00 AM CDT August 13, 2018 in News
(CNN) - One winter afternoon last year, Duane Engebretson sat in his stepdaughter's hospital room at the Mayo Clinic in... More >>
21 hours ago Monday, August 13 2018 Aug 13, 2018 Monday, August 13, 2018 7:43:29 AM CDT August 13, 2018 in News
KANSAS CITY, Mo. (AP) — A fleeing Kansas City driver has been charged with manslaughter in a deadly crash. ... More >>
21 hours ago Monday, August 13 2018 Aug 13, 2018 Monday, August 13, 2018 7:35:39 AM CDT August 13, 2018 in News
Columbia, MO
Broken Clouds 72°
6am 71°
7am 71°
8am 73°
9am 75°