On April 13, 2004 the Charleston City Council adopted
an ordinance designating a portion of the City of Charleston,
Missouri, as a redevelopment area; and approving the redevelopment
plan for the I-57 redevelopment area.
The area consists of approximately 910 acres and consisting
of five redevelopment project areas, which encompass the
southern portion of the City along the northern flank of
Interstate 57 otherwise known as the “redevelopment
area.”
The redevelopment plan envisions primarily commercial
and industrial development within each redevelopment project
area. The redevelopment plan allows for the acquisition
of real estate, payment of relocation expenses, the construction
of commercial and industrial development, access drives,
utilities and related site improvements in order to achieve
the objectives of the Redevelopment Plan.
The redevelopment area on the whole is a blighted area
and has not been subject to growth and development through
investment by private enterprise and would not reasonably
be anticipated to be developed without the adoption of tax
increment financing. The redevelopment plan conforms to
the comprehensive plan for the development of the City as
a whole. The estimated dates of completion of the RPA 1
Redevelopment Project, the RPA 2 Redevelopment Project,
the RPA 3 Redevelopment Project, the RPA 4 Redevelopment
Project and the RPA 5 Redevelopment Project and retirement
of obligations incurred to finance redevelopment projects
costs have been stated in the Redevelopment Plan, and these
dates are no more than 23 years from the adoption of the
ordinance.
The City has developed a plan for relocation assistance
for businesses and residences. The Redevelopment Plan does
not include the initial development or redevelopment of
any gambling establishment.
The concept of TIF is relatively simple. Incremental revenue
is created when there is an increase in tax revenues in
the designated area (the “Redevelopment Area”)
above the annual revenue that the redevelopment area generated
in the year prior to its establishment. New development
is “induced” to occur through the ability to
use the incremental revenue created by the new development
to finance certain costs of developing or redeveloping an
area. Bonds or other financial obligations can be issued
to capture the revenue at the inception of a project to
repay the costs.
If you have any questions concerning this program please
contact David B. Brewer, City Manager at 573-683-3325.
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