Garnett City Commissioners will hold a hearing this evening, Tuesday, June 14, 2022, to consider establishing a Tax Increment Finance District, of “TIF”, that would bring a new retailer to the corner of Park Road and U. S. 59.
TIF projects create legal designations that allow the additional taxes produced by increases in a property’s value, once developed, to be used for investment into that property. It would be the first TIF plan of its kind enacted by the City of Garnett. Under the plan, city, county and school districts still receive tax revenues from that property, but those revenue levels are frozen at the value prior to its redevelopment.
Guffey Properties of Belle, Missouri is named as the receiver of the redevelopment district. Guffy Properties has developed two Family Dollar projects in Abilene and Clay Center in 2021, as well as other similar projects elsewhere in Missouri and Kansas. Tonight’s public hearing on the redevelopment district begins at 7:00 p.m. at Garnett City Hall.
