Boonville Council approves TIF policy meaning development projects can move forward
If a developer wants to present ideas for the Thurman Housing Development Project, they can do so now after the Boonville City Council on Tuesday approved its tax-increment financing, or TIF policy .
TIF is essentially a tax incentive for developers to invest in improvement projects.
Projects could create new jobs, maintain existing jobs, eliminate blight and improve city infrastructure.
"This is the last piece of TIF that the city needs to establish before we can even consider the TIF application," City Manager Kate Fjell said. "This is the last part of the tool we are trying to create."
The city has worked over the past few months to establish a TIF policy. The city first had to develop a TIF commission in late 2020. Staff were aided by Tony St. Romaine. TIF commissions work with local governments to create redevelopment plans and project parameters, according to the Missouri Department of Revenue. Commissions are made up of 11 members, with six selected by council members. The first commission meeting is planned in March.
In other business
The Boonville City Council held a first reading of a proposed ordinance that will amend the city's pretreatment program of its sewers. The various changes in policy language were included in the council packet.
The council also held a first reading of a proposed ordinance to update enforcement rules related to certain drug offenses involving marijuana. The update of city codes is in response to medical marijuana access.