Dan Bagunu, Manager of Development Finance
City Hall, Third Floor
414 E. 12th St.
Kansas City, MO 64106
Housed within the Director’s Office is a section dedicated to the proper accounting and compliance for all projects approved for tax incentives.
Currently, there are over 50 Tax Increment Financing (TIF) plans that include over 1,000 businesses and there are over 700 tax abated projects/parcels. Each of these plans/projects require ongoing, careful measuring and accounting for taxes that must be collected and redirected.
The City’s economic development toolbox contains a wide array of incentives to encourage economic development which fall into four general categories:
- Those that forego future tax base which include Ch. 100, Land Clearance for Redevelopment Authority, Urban Enterprise Zone, RSMO 353 and Planned Industrial Expansion Authority tax abatements;
- Those that redirect future tax base which include TIF, Super-TIF and Council Initiatives;
- Those that use the City’s credit strength to improve the marketability of an individual project to investors through an annual appropriation guarantee of future debt service;
- Those that provide self-supporting mechanisms for development which include Community Improvement Districts, Neighborhood Improvement Districts, Transportation Development Districts.
The use of each incentive also requires back end administration and monitoring to include:
- Collection of taxes (real property and economic activity)
- Redirection of taxes (real property and economic activity)
- Coordination with other entities (city departments, development organizations, taxing jurisdictions, etc.)