Capital and Economic Development Projects

Overview

• Established by the City on January 3, 2000 pursuant to Ordinance No. 14393
  • TIF will terminate on January 2, 2023
• The Developer and City have amended the Eastland Center TIF Plan numerous times: (1) the First Amended Eastland Center TIF Plan approved on December 6, 2004 pursuant to Ordinance No. 16283; (2) the Second
  Amended Eastland Center TIF Plan approved February 10, 2008 pursuant to Ordinance No. 16946; and (3) the Third Amended Eastland Center TIF Plan approved October 20, 2008 pursuant to Ordinance No. 17169
• Approximately 212 acres generally located at the southeast corner of the intersection of Interstate Highway 70 and US Highway 291
• Public improvements are substantially complete and consisted of the following:
  • Street improvements and related landscaping, traffic studies, design, engineering and surveys
  • Excavation and demolition of storm sewers and utility relocation
  • Traffic signals and controls
  • Retaining walls, sidewalks, streetlights and related improvements
  • Fencing and landscaping screens
  • Certain clearing, grading, stormwater and utility costs on the site of the Project
• Private improvements included retail, hotel and office development and have also been substantially completed
• City entered into a Redevelopment Agreement on in 2000 with Eastland Center Associates, L.L.C. and has entered into subsequent amendments, the most recent being the Eleventh Amendment to the Eastland Center Redevelopment Agreement approved on October 20, 2008 pursuant to Ordinance No. 17169

Revenue Sources

• PILOTs: 100% of the incremental increase in property tax revenues resulting from the annual increase in property valuations over the base property valuation certified at project approval.
• EATs: 50% of the incremental increase in local eligible sales tax revenues (City, County, Zoo, Independence Events Center CID, 39th Street TDD) over the based sales levels in the year before TIF collection was activated ($25,000).

Outstanding Economic Development Bonds for Eastland Center: