Economic Development Study
Economic Development Study:
- FULL REPORT
- Executive Summary
- Key Economic Development Programs
- TIF Report
- Business Licensing and Regulation
- Community Input Summary
- Economic Development Glossary
- Tax Increment Financing Map
- TIF Database
- Business Licensing Database
- Source Material
- Economic Development Committee Members
taxing entities in the St. Louis region
projects utilizing Tax Increment Financing (TIF)
public tax dollars have been diverted to developers using TIF
average municipality’s operating budget funded by sales tax revenue
Possible Scenarios for Moving Forward
Require additional approval for the implementation of a TIF
Of the 49 states with TIF legislation, 6 require approval solely by a municipality for the creation of a TIF. Of those 6, only Missouri and Colorado allow for revenues beyond those of property tax to be eligible TIF revenues. Such an atmosphere creates an environment that is ripe for intraregional competition, especially when coupled with a high level of fragmentation.
Eliminate the availability of sales tax revenues for TIFs
Missouri is one of only 15 states that includes sales tax as an eligible tax revenue for tax increment financing. Eliminating this option would reduce the pursuit of the sales tax and bring Missouri in line with the majority of other states.
it is imperative to understand what goals and requirements are in place to promote diversity among the workforces that are employed or contracted with using taxpayer dollars.