The City Commission will soon consider a resolution establishing the date of March 19, 2019, for its public hearing to set the boundary of a Tax Increment Financing (TIF) District in Aggieville. TIF is a economic development tool in the state of Kansas that utilizes the increases in property tax revenues over time to finance eligible redevelopment projects. Existing property tax revenue collected by the City, County and USD 383 on property in Aggieville today will remain dedicated to those governmental entities, but any property tax growth in Aggieville over the next 20 years would go toward financing improvements in Aggieville.
Over the past year, the City of Manhattan has been developing its Aggieville Community Vision to Reality plan, which will address upgrades to Aggieville streets, sidewalks, landscaping, lighting, green space, public gathering spaces, and more. The vision also calls for the development of a parking garage on the City-owned lot at the corner of Laramie Street and North Manhattan Avenue (south of Rally House). Tax Increment Financing would help pay for these future improvements, and all TIF revenues will be used for improvements on public property. The more development and growth Aggieville experiences over time, the more TIF revenue will be available to fund improvements.
For a TIF District to be established, a district boundary as well as a Redevelopment Plan for the district must be approved by the City Commission. This winter and spring, the Commission will consider the district boundary highlighted in the image above. If approved, the City will pursue adopting a redevelopment plan this summer outlining the specific improvements, with hopes to begin constructing some of the projects in 2020.
Below is a tentative timeline of events to finalize the TIF District:
- February 5, 2019 – Resolution establishing a public hearing to create the TIF boundary
- February/March – Notice provided to owners and occupants within district, USD 383 and Riley County
- March 19, 2019 – Public Hearing and First Reading of TIF Ordinance – Boundary Establishment
- 30 Day Veto Period for Riley County and USD 383
- May 7, 2019 – Second Reading of TIF Ordinance – Boundary Establishment
- If approved, TIF revenues begin to be collected
- Summer 2019 - TIF Redevelopment Plan Consideration (similar 3-month process)
- If approved, TIF revenues can then be used to fund improvements.
For more information about the Aggieville Community Vision to Reality plan, visit https://cityofmhk.com/2714/Aggieville-Community-Vision