The Garnett City Commission has approved the formation of a “TIF” District, which means Tax Increment Finance District. The area in question is the corner of Park Road and U. S 59, in which a retail business would be built. The TIF would allow the additional taxes produced by increases in property value once developed to be used for investment into that property. It is the first TIF plan of its kind enacted by the City of Garnett. Pete Evans, representing Guffey Properties, told Garnett Commissioners they will incur quite a few costs associated with the project, including making sure storm water runoff would be controlled. Kevin Guffey says the retail store will be a combination Family Dollar and Dollar Tree store. He has built several in the past year in Kansas.
The TIF District is the first of its kind approved for 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. The appraised value is $125,000.
