1. A new paragraph was added to the redevelopment plan (one of three booklets that are part of the TIF application). Within that paragraph, the development company promises not to spend TIF money to acquire owner-occupied homes, and that it has so far has not identified owner-occupied homes that it plans to take through eminent domain.
That paragraph reads, in its entirety: “The Developer has not identified any owner-occupied residences for acquisition under this Redevelopment Plan with the use of tax increment financing revenues and has not identified any owner-occupied residences of acquisition. through the use of eminent domain under this Redevelopment Plan.”
2. The development company now estimates that the assessed valuation of property within the development area is now $53 million, a change from the Sept. 9 estimation of $57 million.
3. The development company has changed the breakdown of how it plans to spend TIF funds. Of the $390.6 million, the development company plans to spend the bulk of it, $345.5 million, on public infrastructure costs, $35.6 million on property acquisition and relocation, $7.6 million on building rehabilitation costs, and $1.6 million on studies and professional services.
There are a few changes to the NorthSide Regeneration TIF Redevelopment Plan. They’re mostly minor, but if you’re following this issue closely you’re likely to be interested. According to Show Me Institute’s Policy Pulse, the following are “significant” changes: