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Blue Springs Missouri Economic Development Corporation
Blue Springs Missouri Economic Development Corporation
 

LOCAL PROGRAMS:

Chapter 100 Revenue Bonds

The City of Blue Springs has the ability to issue tax-exempt revenue bonds that can be used to construct or purchase buildings, machinery, and equipment. The use of these bonds also provides the ability to abate a percentage of real and personal property tax. These bonds also provide a sales tax exemption for eligible purchases.

Tax Increment Finance (TIF)

Typically used to foster strategic goals for retail development and redevelopment that meet city policy objectives.  Captured funs include “payment in lieu of taxes-PILOTS” and “economic activity taxes-EATS” that are generated from new property and sales tax increments.  Specific project reimbursements are allowed by State statute, and in Blue Springs there 4 active TIFs.

Transportation Development District (TDD)

This district specific mechanism can capture increased sales tax increment for State statute approved transportation and public infrastructure costs.

353 Redevelopment Tax Abatement Program

The City of Blue Springs has adopted an incentive policy, which allows for the use of tax abatements to attract and support redevelopment.  This flexible development tool allows for 100% tax abatement for up to 10 years on new improvements, and 50% for an additional 15 years.  For more information about this incentive, please visit the City of Blue Springs website by clicking HERE

Main Center Redevelopment Corporation

This Chapter 353 Corporation governs a designated downtown Blue Springs and can provide for property tax abatements for eligible and Downtown Master Plan conforming projects for terms based upon investment level going out 25 years.

Neighborhood Improvement District / Community Improvement District (NIDs / CIDs)

Governmental sub-districts that can levy sales and or property taxes to fund on and off site public infrastructure improvements like, water, sewer, streets, public parking and treatment plant expansion capacity, etc.


STATE PROGRAMS:


Tax Increment Financing

The purpose of the Tax Increment Financing (TIF) is to stimulate redevelopment of projects by diverting property tax revenues that result from improvements to eligible redevelopment areas.

Neighborhood Preservation Act

The Neighborhood Preservation Act provides an incentive to rehabilitate owner-occupied homes. A tax credit will be given to a homeowner or developer that constructs a new home that will be owner-occupied.

Historic Preservation Tax Credit Program

The program provides state tax credits for 25 percent of eligible costs and expenses of the rehabilitation of approved historic structures - commercial and residential - incurred after January 1, 1998.


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