Joplin residents will have a chance today to hear the details of a proposal to create a tax increment financing (TIF) district that would encompass the tornado zone and downtown. The proposed district would take tax revenues generated by redevelopment construction to invest in building more projects.
David Wallace, chief executive officer of the city’s master development firm for recovery from the 2011 tornado, said it is projected that this plan could capture $60 million from tax growth in the district that would be used as one of the financing tools for Joplin’s redevelopment.
Wallace said the district would not raise taxes for existing property owners. It would direct to the city taxes derived from future increased assessments for reinvestment in the plan.
Missouri law allows TIF districts to be created when one or more of three factors exist that depress the tax-generating potential of a property. Those include blight, like that caused from the May 2011 tornado.