Topeka council members show backing for ‘city-driven’ TIF districts

Four Topeka city councilmen said Tuesday evening they could support the city government’s seeking to use tax-increment financing to attract development to specific places where developers currently show no interest, such as White Lakes Center….
City manager Brent Trout asked the council for input about the concept of a city-driven TIF during the council’s weekly meeting, where members discussed available economic development incentives and how the city might take advantage of them.
Kansas statute allows government entities to create TIF districts at the request of developers to help offset development costs. Such districts are often driven by developers, who pay off costs over a period of up to 20 years using the increase in property tax and sales tax revenues generated by the properties involved.
State law also allows government entities to create TIF districts to try to attract developers.
Trout said Tuesday the city could identify blighted areas where it would like to see development, then establish TIF districts there “so that if someone was interested all they would have to do is bring to us a TIF plan for the redevelopment that they would like to do in that particular area.”